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GBPJPY Bouncing Off 205 – Bulls Eye 208-210 Breakout as 206.45 Resistance Falls Tonight

GBPJPY gained slightly after forming a minor bottom around 205.19. Intraday trend is bullish as long as support 205 holds. At the time of writing, it reached a low of 206.37 and is now trading about 206.614.

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 206.12

 

EMA (one-hour chart)

 

55-EMA- 205.9

 

200-EMA- 205.68


365-EMA- 205.03. The pair trades below the short (55- EMA) and above the long-term moving average(365 EMA and below 200 EMA).

 

Major Support- 205.60. Any breach below  will drag the pair down 205/204.40/203.70/203.

 

Major resistance - 206.45.  Any break above confirms minor bullishness, a jump 207/207.25/208/209.20/210 is possible.

Indicator (60 min chart)

 CCI (50)-  bullish

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

 

It is good to buy on dips around 205.78-80 with SL around 205 for a TP of 207.50/208.

 

 

 

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