The GBP/JPY recovered above 199 as the yen underperformed. It hit an intraday high of 199.23 and is currently trading around 199.20. Intraday trend is bearish as long as the resistance at 200 holds.
The GBP/JPY pair is trading above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 15-min chart, confirming a bullish trend. Any violation below 198.70 indicates the intraday trend is weak. A dip to 198.40/197.70/196.70/196.25/195.25/194/193.70 is possible. Immediate resistance is at 200, a breach above this level targets 202/204.
Market Indicators (15-min chart)
CCI (50)- Bullish
Directional movement index - Neutral
Trading Strategy: Sell
It Is good to sell on rallies around 199.58-60 with SL around 200.50 for a TP of 198/197.40.
