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.
