GBPJPY Bounces Off Trendline Support: Neutral Bias with Bullish Potential Above 212

GBPJPY took support near the trend line and showed a nice pullback. As long as support 210 holds, the intraday trend is neutral. Any violation below 210 confirms further intraday weakness. It is trading around 211.41, as of publication, and has reached an intraday high of 211.60.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 211.41

EMA (1-hour chart)

55-EMA- 211.21

200-EMA- 210.95

365-EMA- 210.30. The pair trades below the short (55- EMA) and above the long-term moving average(365 EMA and below 200 EMA).

Major Support- 210. Any breach below will drag the pair down 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-  Bearish. All indicators confirm a bearish trend.

It is good to buy on dips around 211 with SL around 210 for a TP of 213/214.