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GBPJPY Bulls Charge Toward 207: Multi-Month Highs in Sight – Buy the Dip at 205

GBPJPY trades flat with positive bias after hitting a multi-month high of around 206.86. 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- 205.26

 

EMA (4-hour chart)

 

55-EMA- 204.49

 

200-EMA- 202.90


365-EMA- 201.79. 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 206/206.85/207.05/208/209.20 is possible.

Indicator (4-hour chart)

 CCI (50)-  bullish

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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