GBPJPY upside capped by 55- H EMA and showed a minor sell-off on strong yen.
Intraday bias -Bearish
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart. The resumption of a major downtrend will happen if it breaks below 186.40.
The near-term resistance is around 188.20, a breach above targets 189/189.50/190. The immediate support is at 188, any violation below will drag the pair to 187/186.40/186.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bearish
Average directional movement Index - neutral. All indicators confirm mixed trend.
It is good to buy on dips around 187.75-80 with SL around 188.40 for a TP of 186.
