GBPJPY gained sharply after the BOE rate cut. Intraday trend is bullish as long as support 207.80 holds. At the time of writing, it reached a high of 208.75 and is now trading about 208.73.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 208.71
EMA (1-hour chart)
55-EMA- 207.96
200-EMA- 207.74
365-EMA- 207.21. The pair trades above short (55- EMA) and above long-term moving average(365 EMA and below 200 EMA).
Major Support- 207.80. Any breach below will drag the pair down 207.20/206.75/206.47/205.40/205.
Major resistance - 209. Any break above confirms minor bullishness; a jump to 210/210.58/212 is possible.
Indicator (1-hour chart)
CCI (50)- bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 208.48-50 with SL around 207.80 for a TP of 210/211.
