GBPJPY trade idea (sell- CCI AND EMA set up)
GBPJPY showed a minor weakness after forming a double top around 192. It hits a low of 189.61 and is currently trading around 189.99.
The Japanese yen gained momentum on Friday due to policy divergence between Fed and BOJ.
Technicals-
The pair is trading below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 192, a breach above targets 193.55/195. The immediate support is at 189.60, any violation below will drag the pair to 188.40/188.
Indicator (hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish. All indicators confirms bearish trend . So good to go short for 100 pips profit.
It is good to sell on rallies around 190.18-20 with SL around 190.76 for TP of 188.40/188.
