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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.
