GBPJPY was slightly profit booked as the pound sterling singlehandedly dropped over 200 pips last week.. The bullish momentum on the daily chart still prevails. The pair is changing hands at 202.33 levels after hitting an intraday low of 202.11.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 202.33
EMA (4-hour chart)
55-EMA- 202.52
200-EMA- 201.67
365-EMA- 200.63. The pair trades below short and above long term moving average.
Major Support- 202. Any breach below will drag the pair down 201.30/200.50/200/199.30/198.34/197.40.
Major resistance - 202.80. Any break above confirms minor bullishness, a jump 203.30/204/204.25/205 is possible.
Indicator (4 hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 202.18-20 with SL around 201.30 for a TP of 205.
