GBPJPY has been consolidating in a narrow range between 192.03 and 189.50 for the past three days. It hit a high of 191.35 and is currently trading around 191.30.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 191.35, a breach above targets 191.50/192—major trend continuation only above 192.05. The immediate support is at 190.85, any violation below will drag the pair to 190.50/190/189.48/188.90.
Indicator (hourly chart)
CCI (14)- Bullish (above 100)
CCI (50)- Bullish (above 100)
Average directional movement Index - Neutral (strength below 20). All indicators confirm a mild bullish trend.
It is good to wait for confirmation.
