GBPJPY showed a minor pullback as the pound sterling gains momentum. Intraday trend is bullish as long as support 206 holds. At the time of writing, it reached a low of 206.19 and is now trading at about 206.95
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 206.95
EMA (one-hour chart)
55-EMA- 206.60
200-EMA- 206.14
365-EMA- 205.51. 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 to 208/209.20/210 is possible.
Indicator (1-hour chart)
CCI (50)- bullish
Average directional movement Index- Neutral. All indicators confirm a neutral trend.
It is good to buy on dips around 206.48-50 with SL around 206 for a TP of 208.
