FxWirePro- GBPJPY forms long legged Doji pattern, good to sell on rallies

Candlestick pattern- Long-legged Doji

GBPJPY hits a multi-week high on strong Pound sterling. It hit a high of 192.44 yesterday and is currently trading around 192.15 Intraday trend is bullish as long as support 190 holds.

UK manufacturing and services PMI came well below expectations increasing the chance of a rate cut by BOE's next meeting.

Technicals-

The pair trades above short-term 34, below 55 EMA (190.02 and 191.71), and long-term 200 EMA (191.51) in the daily chart.

The near-term resistance is around 192.50, a breach above target 193.50. Major trend continuation only above 193.50. Any violation above will take the pair to 195. The immediate support is at 191.70, any violation below will drag the pair to 191.35/190.95/190/189.10/188.

Indicator (4-hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Neutral. All indicators confirm the mixed trend.

It is good to sell on rallies around  192.40-42 with SL 193.50 for a TP of 190.