On board-based yen weakness, GBPJPY reaches a new year high. The intraday trend is positive as long as support 210 remains. As of publishing, it is trading around 212.21; its intraday high is 212.38.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 212.193
EMA (1- hour chart)
55-EMA- 211.51
200-EMA- 211.08
365-EMA- 210.47. The pair trades below the short (55- EMA) and above long-term moving average(365 EMA and below 200 EMA).
Major Support- 211.50. Any breach below will drag the pair down 211/210.54/209.70/209/208.60/207.95/207.20/206.75.
Major resistance - 212.50. Any break above confirms minor bullishness, a jump to 213/214/215.18 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to buy on dips around 211.50 with SL around 210.50 for a TP of 214.
