GBPJPY took support near the trend line and showed a minor pullback. Intraday trend is bullish as long as support 206 holds. At the time of writing, it reached a high of 207.168 and is now trading about 207.11.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 207.11
EMA (4-hour chart)
55-EMA- 206.60
200-EMA- 204.37
365-EMA- 202.97. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).
Major Support- 206. Any breach below will drag the pair down 205.40/205/204.40/203.70/203.
Major resistance - 207.50. Any break above confirms minor bullishness, a jump 208/209.20/210 is possible.
Indicator (4-hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a neutral trend.
It is good to buy on dips around 206.78-80 with SL around 206 for a TP of 208.40/209.
