The secondary trend of GBP/JPY is bearish on charts and price is sustaining below the trend line after giving breakout in its 4 hourly chart. In 4 hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA indicating uptrend of the pair.
Resistance level of 186.05 and Support level of 183.85
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
MACD is sustaining in its -ve territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Resistance level of 186.05 and Support level of 183.85
If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS:-
MACD is sustaining in its -ve territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY: One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.