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FxWirePro- GBPJPY Intraday Idea

GBPJPY Intra day trade idea

Intraday Bias -Bearish

 

GBPJPY declined slightly after a minor pullback. It hit a high of 189.78 yesterday and is currently trading around 188.44.

 

Technicals-

 

The pair is trading below 34- and above 55 EMA in the 4-hour chart.

 

The near-term resistance is around 189, a breach above targets 189.75/190/190.50/190.91.Major trend continuation only above 193.50. The immediate support is at 188, any violation below will drag the pair to 187.6/186.45.

 

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 sell on rallies around 188.78-80 with SL around 189.50 for a TP of 186.80.

 

 

 

 

 

 

 

 

 

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