GBPJPY pared most of its gains on the strong yen. It hits a high of 186.73 yesterday and is currently trading around 185.27.
Yen gained momentum after weak US PPI data. It has increased the chance of aggressive rate cut by the Fed next week.
Technicals-
The pair is trading below short-term 34, below 55 EMA (186.99 and 187.79), and long-term 200 EMA (190.78) in the 4-hour chart.
The near-term resistance is around 185.70, a breach above targets 186.05/186.40/187/187.74 (23,6% fib)/188.13 (Sep 9th high).Major trend continuation only above 190. The immediate support is at 185, any violation below will drag the pair to 184.56/183.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish. All indicators confirms bearish trend .
It is good to sell on rallies around 185.98-186 with SL around 187.70 for a TP of 180.40.


FxWirePro: GBP/NZD bulls loosen their grip a bit, dips to be bought
GBPJPY Surges Past Trendline Resistance, Signaling Bullish Momentum
EURUSD Recovers Amidst Dollar Weakness, Eyeing Key Resistance Levels
FxWirePro- Major Pair levels and bias summary
FxWirePro: GBP/USD recovers some ground but bearish outlook persist
FxWirePro- Woodies pivot (Major)
FxWirePro:USD/CAD uptrend loses steam but outlook still bullish
FxWirePro: GBP/USD recovers slightly from early decline but bears are not done yet
FxWirePro- Major Pair levels and bias summary
NZDJPY: Yen Weakness Fuels Rise, Key Resistance at 92.40 Holds Key
FxWirePro- Woodies pivot (Major)
FxWirePro: USD/ZAR changes short term trend from neutral to bearish
FxWirePro: GBP/AUD uptrend loses steam, remains on bullish path
Gold Flashes Bullish Signals Amidst Shifting Technical Landscape
EURJPY: Navigating Mixed Signals with a Bullish Lean
FxWirePro: USD/ZAR bears maintain upper hand 



