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.