GBPJPY pared most of its gains after hitting a minor top 195.18. It hits a low of 191.73 at the time of writing and is currently trading around 192.30. Overall trend remains bearish as long as resistance 196 holds.
Pound sterling lost its shine after dovish comments from BOE Governor Bailey.
Technicals-
The pair is trading below short term 34,above 55 EMA (192.629 and 192.603) and long term 200 EMA (191.90) in the hourly chart.
The near-term resistance is around 192.60 ,a breach above targets 193.50/194.25/195/195.97. Major trend continuation only above 196. The immediate support is at 191.69 (61.8% fib), any violation below will drag the pair to 191.27/190/188/185.85
Indicator (Hourly chart)
CCI (50)- Bearish
ADX- neutral. All indicators confirm the mixed trend.
It is good to sell on rallies around 192.58-60 with SL around 193.50 for a TP of 190.20.
