GBPJPY trade idea (sell- CCI AND EMA set up)
GBPJPY showed a minor weakness after forming a double top around 192. It hit a low of 189.61 and is currently trading around 189.99.
The Japanese yen gained momentum on Friday due to policy divergence between the Fed and BOJ.
Technicals-
The pair trades 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 confirm the bearish trend. So good to go short for 100 pips profit.
It is good to sell on rallies around 190.1-20 with SL around 190.76 for a TP of 188.40/188.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.