Intraday Bias -Bullish
Candlestick pattern- Long-legged Doji
GBPJPY continues to trade weak and lost over 500 pips from 193.49 (Sep 3rd high). It hit a low of 188.23 at the time of writing and is currently trading around 189.03.
Technicals-
The pair trades below 34- and above 55 EMA in the 4-hour chart.
The near-term resistance is around 189.50, a breach above targets 190/190.50/190.91.Major trend continuation only above 193.50. The immediate support is at 188.23, any violation below will drag the pair to 187.86/186.45.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - Bearish. All indicators confirm the bearish trend.
It is good to buy on dips around 188.70-75 with SL around 188 for a TP of 190.25/190.50.
