Candlestick Pattern- Shooting Star
GBPJPY pared most of its gains on Japan's political update. It hit a high of 195.97 yesterday and is currently trading around 190.35. Intraday trend is bearish as long as resistance 192.50 holds.
The Japanese yen gained momentum after Ishiba won the contest to become the country’s PM.
Technicals-
The pair is trading below short-term 34, above 55 EMA (192.07 and 189.33), and long-term 200 EMA (172.18) in the weekly chart.
The near-term resistance is around 191.50, a breach above targets 192.07/192.50/193.50. Major trend continuation only above 196. The immediate support is at 190, any violation below will drag the pair to 188.80/188/185.82.
Indicator (Weekly chart)
CCI (50)- Bullish
Average directional movement Index - Neutral. All indicators confirm a bullish trend.
It is good to sell on rallies around 190.58-60 with SL 192.50 for a TP of 186.
