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Intraday trend – Bearish
Major intraday resistance – 127.20
The pair has halted its two weeks of the bullish trend and lost more than 100 pips on minor strength in the yen. It hits an intraday low of 125.84 and is currently trading around 125.89.
Technical analysis-
CHGJPY is trading below 21 and 55 EMA (126.36 and 126.34) and slightly above 200-MA and EMA in the hourly chart.
The near-term resistance is around 126.40, any breach above targets 127/127.55/128. The minor support to be watched is 125.70; the violation below will drag the pair down to 125/124/123.
Indicators (1-hour chart)
Directional movement index – Bullish
CCI (50) – Bearish
Woodies CCI- Bearish
It is good to sell below 125.70 with SL around 127 for a TP of 123.
