GBPJPY Intra day trade idea (first update)
Intraday Bias
GBPJPY pared some of its gains due to profit booking. It hits a low of 189.95 yesterday and is currently trading around 190.56.
Technicals-
The pair trades below 34- and above 55 EMA in the hourly chart.
The near-term resistance is around 190.85, a breach above targets 191.20/191.53/192—major trend continuation only above 193.50. The immediate support is at 189.90, any violation below will drag the pair to 189.50/188.85.
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - Bearish. All indicators confirm a bearish trend.
It is good to sell on rallies around 190.78-80 with SL around 191.40 for a TP of 188.90.
