FxWirePro-GBPJPY Intra day trade idea (first update)

GBPJPY  jumped over 100 pips from yesterday’s low on a weak yen. It hit a low of 189.50 and is currently trading around 191.15.

The Japanese yen showed a minor weakness on rising US yields.

Technicals-

The pair trades below 34- and 55 EMA in the hourly chart.

The near-term resistance is around 191.25, a breach above targets 191.50/192. Major trend continuation only above 192.05. The immediate support is at 190.50, any violation below will drag the pair to 190/189.48/188.90.

Indicator (hourly chart)

CCI (14)- Bullish (above 100)

CCI (50)- Bullish (below 100)

Average directional movement Index - Neutral (strength below 20). All indicators confirm the mixed trend.

It is good to wait for confirmation.