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.
