GBPJPY Bounces Hard off 200-EMA: Bulls Eye 207 Breakout – Don’t Miss the Ride

GBPJPY supported near 200- H EMA and saw a little correction. Intraday trend is positive as long as support 204.20 holds. At the time of writing, it reached a high of 205.44 and is now trading about 205.385.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 205.38

EMA (4-hour chart)

55-EMA- 205.22

200-EMA- 204.35

365-EMA- 203.69. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and 200 EMA).

Major Support- 204.80. Any breach below will drag the pair down 204.20/203.70/203/202.50/202/201.70/201.25/200.

Major resistance - 205.65.  Any break above confirms minor bullishness; a jump to 206/206.85/207.05/208/209.20 is possible.

Indicator (1-hour chart)

 CCI (50)-  bearish

Average directional movement Index-  Neutral. All indicators confirm a bullish trend.

It is good to buy on dips around 205 with SL around 204.20 for a TP of 207.05.