GBPJPY declined slightly after yen gains momentum. The intraday trend is bullish as long as support 210 holds. As of publishing, it is trading around 212.31; its intraday low is 212.30.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 212.30
EMA ( 1-hour chart)
55-EMA- 212.18
200-EMA- 212.14
365-EMA- 211.65. The pair trades above the short (55- EMA) and above long-term moving averages, 200 EMA and 365 EMA.
Major Support- 212.30. Any breach below will drag the pair down to 212/211.70/211/210.70/210..
Major resistance - 213. Any break above 213 confirms minor bullishness; a jump to 213.50/214/214.29/215.18 is possible.
Indicator (1-hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 211.70 with SL around 210.70 for a TP of 214.
