GBPJPY Intra day trade idea

Intraday Bias -Bearish

GBPJPY formed a double top around 188.10 and declined sharply. It hit a low of 185.218 at the time of writing and is currently trading around 185.55.

Yen gained strongly against the US dollar amid policy divergence between BoJ and Fed.

Technicals-

The pair trades in the hourly chart below short-term 34,55 EMA (186.71 and 187.05) and long-term 200 EMA (188.70).

The near-term resistance is around 185.90 (23.6%% fib of 188.13 and 185.20), a breach above targets 186.32/187/188.13 (Sep 9th high).Major trend continuation only above 190. The immediate support is at 185, any violation below will drag the pair to 184.56/183.58/182.79.

Indicator (1-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

Average directional movement Index - bearish. All indicators confirm minor bearish trend.

It is good to sell on rallies around 186.40-45 with SL around 188 for a TP of 180.