GBPJPY gained above 202.50 on the weak yen. Intraday trend remains bullish as long as support 201.30 holds. Trading around 202.38 right now, the pair reached an intraday high of 202.82.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 202.81
EMA (1-hour chart)
55-EMA- 202.19
200-EMA- 202.20
365-EMA- 201.82. The pair trades above the short and above the long-term moving average.
Major Support- 202.20. Any breach below will drag the pair down to 201.80/201.30/200.50/200/199.30/198.34/197.40.
Major resistance - 203.15. Any break above confirms minor bullishness; a jump to 203.55/204.20/205/205.35/206 is possible.
Indicator (1-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a bearish trend.
It is good to buy on dips around 202.48-50 with SL around 201.30 for TP of 205/206.
