GBPJPY formed a double top around 213.50 and showed a minor sell-off. The intraday trend is bullish as long as support 211.50 holds. As of publishing, it is trading around 213.32; its intraday high is 213.43.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 213.33
EMA ( 1-hour chart)
55-EMA- 212.55
200-EMA- 212.29
365-EMA- 211.85. The pair trades above the short (55- EMA) and long-term moving average (200 and 365 EMA).
Major Support- 212.75. Any breach below will drag the pair down to 212.35/211.85/211/210.70/210..
Major resistance - 213.50. Any break above 213.50 confirms minor bullishness; a jump to 214/214.29/215.18 is possible.
Indicator (1-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bearish. All indicators confirm a bullish trend.
It is good to buy on dips around 212.80 with SL around 211.70 for a TP of 215.15.
