GBPJPY pared some of its gains due to profit booking. Intraday trend remains bullish as long as support 202.60 holds. Trading around 204.51 right now, the pair reached a high of 205.32 yesterday.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 204.58
EMA (15 min chart)
55-EMA- 204.52
200-EMA- 203.67
365-EMA- 202.62. The pair trades above both short-term and long-term moving averages.
Major Support- 203.40. Any breach below will drag the pair down to 203/202.60/201.95/201.30/200/199/198.
Major resistance - 205.35. Any break above 205.35 confirms minor bullishness; a jump to 206/208 is possible.
Indicator (15 min chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 203.58-60 around with SL around 203.40 for TP of 206.
