The GBPJPY is pulling back a bit as the pound gets stronger. If it stays above 210, the trend for today is still up. Right now, it's trading around 211.89, and it dipped to 210.71 earlier today.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 211.89
EMA ( chart)
55-EMA- 212.06
200-EMA- 209.86
365-EMA- 207.69 The pair trades below the short (55- EMA) and above long term moving average, 200 EMA, and above the 365 EMA.
Major Support- 210.70. Any breach below will drag the pair down to 210/209.70/209/208.60/207.95/207.20/206.75.
Major resistance - 212 Any break above confirms minor bullishness, a jump to 212.80/213.44/214/214.29/215.18 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 211 with SL around 210 for a TP of 214.
