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GBPJPY has been consolidating in a narrow range between 204.29 and 205.99 for the past three days. The intraday trend remains positive as long as support at 205 holds. At the time of writing, it reached a high of 206.05 and is now trading at about 205.99
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 205.99
EMA (4-hour chart)
55-EMA- 204.70
200-EMA- 203.06
365-EMA- 201.91. The pair trades above the short-term (55 EMA) and long-term moving averages (365 EMA and 200 EMA).
Major Support- 205.80. Any breach below will drag the pair down 205/204.20/203.70/203/202.50/202/201.70/201.25/200.
Major resistance - 206.20. Any break above confirms minor bullishness; a jump to 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.
