GBP/JPY Coiled in Tight Range: Buy Dips Near 211 Targeting 213-214 Breakout
GBPJPY has been consolidating between 211.59 and 210.04 for the past two weeks. As long as support 210 holds, the intraday trend is bullish. It is trading around 211.13, as of publication, and has reached an intraday low of 211.09.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 211.121
EMA (1-hour chart)
55-EMA- 210.08
200-EMA- 208.26
365-EMA- 210.08. The pair trades below the short (55- EMA) and above the long-term moving average(365 EMA and below 200 EMA).
Major Support- 211. Any breach below will drag the pair down 210.50/210/209.70/209/208.60/207.95/207.20/206.75.
Major resistance - 212.20. Any break above confirms minor bullishness; a jump to 212.60/213/214 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a neutral trend.
It is good to buy on dips around 211 with SL around 210 for a TP of 213/214.
