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.
