GBP/JPY Surges to Multi-Year High: Bullish Momentum Eyes 210 as Yen Weakens

GBPJPY hits a multi-year high as the yen loses momentum. Intraday trend is bullish as long as support 207.40 holds. At the time of writing, it reached a high of 208.71 and is now trading about 208.534.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 208.534

EMA (4-hour chart)

55-EMA- 206.60

200-EMA- 204.53

365-EMA- 203.10. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).

Major Support- 207.87. Any breach below will drag the pair down 207.40/207/206.47/205.40/205.

Major resistance - 209.  Any break above confirms minor bullishness; a jump to 210/210.58/212 is possible.

Indicator (4-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 with SL around 207.40 for a TP of 210/210.58.