The GBP/JPY lost its shine on board-based yen buying. It hit an intraday low of 197.01 and is currently trading around 197. Intraday trend is bearish as long as the resistance 197.75 holds.
‘The GBP/JPY pair is trading below 34 and above 55 and 200 EMA (Short-term) and 365 EMA (long-term) on the 15-min chart, confirming a bearish trend. Any violation below 196.70 indicates the intraday trend is weak. A dip to 196/195/194/193.70 is possible. Immediate resistance is at 197.75, a breach above this level targets of 198.35/198.80/200/202.
Market Indicators (15 min chart)
CCI (50)- Bearish
Directional movement index - Bearish
Trading Strategy: buy on dips
It Is good to sell on rallies around 197.18-20 with SL around 197.75 for a TP of 195.
