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Candlestick Pattern- Hammer (Aug month), Doji (Sep)
GBPJPY once recovered sharply from a minor bottom of 189.56 on a weak yen. It hit a high of 193.24 at the time of writing and is currently trading around 193.16. Overall trend remains bullish as long as support 188 holds.
Technicals-
The pair is trading above short term 34,above 55 EMA (177.72 and 170.24) and long term 200 EMA (166.55) in the monthly chart.
The near-term resistance is around 193.50 ,a breach above targets 194.25/195/195.97. Major trend continuation only above 196. The immediate support is at 192.50, any violation below will drag the pair to 191.50/190/188/185.85
Indicator (Monthly chart)
CCI (50)- Bullish
RSI- 62.15. All indicators confirms bullish trend .
It is good to sell on rallies around 193 with SL around 196 for a TP of 185.90.
