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GBPJPY Pulls Back but Eyes Bullish Breakout: Technicals Tease Surge Past 205

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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