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Candlestick Pattern- Shooting Star
GBPJPY showed a minor pullback after a massive sell-off. It hit a high of 186.52 and is currently trading around 185.44.
Markets eye BOE monetary policy on Thursday for further direction.
Technicals-
The pair trades below short-term 34, below 55 EMA (186.04 and 186.84), and long-term 200 EMA (190.18) in the weekly chart.
The near-term resistance is around 186.72,a breach above targets 187/187.74 (23,6% fib)/188.13 (Sep 9th high).Major trend continuation only above 190. The immediate support is at 185, any violation below will drag the pair to 184.40/183.70/182.90//181.90.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - Neutral. All indicators confirm bearish trend.
It is good to sell on rallies around 185.67-70 with SL around 186.70 for a TP of 180.40.
