GBPJPY Intra day trade idea (first update)
Intraday Bias- neutral
GBPJPY pared some of its gains due to profit booking. It hit a low of 192.29 at the time of writing and is currently trading around 192.20.
Technicals-
The pair trades below 34- and above 55 EMA in the hourly chart.
The near-term resistance is around 192.75,a breach above targets 193/193.50/194.25.Major trend continuation only above 193.50. The immediate support is at 192 (support turned into resistance), any violation below will drag the pair to 191.50/191.24/190.80.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm the mixed trend.
It is good to buy on dips around 192 with SL around 191.40 for a TP of 194.
