SUMMARY :
GBP/JPY is in uptrend but prices are not sustaining on
higher level. It is sustaining on rising trendline & forming a
double top formation on higher levels,which is expected to give a
breakout downside. If GBP/JPY breaks the level of 181.40 it can
come down to the levels of 180.40 . Prices are taking resistance from
30 DMA & consolidating for gaining strength to give down side
breakout. RSI is sustaining below the 50 level & showing no
strength to breaking it upside & indicating to continue the down
trend for this week also. MACD line is sustaining below the Zero line
& supporting the downside movement for next few sessions.
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| Technical Chart |
STRATEGY :
GBP/JPY is looking weak on charts. Indicators also supporting the
same. One can go for sell on higher level strategy for this pair for
intra day to mid term positions
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