GBPJPY pared some of its gain after mixed UK CPI data. The intraday trend is bullish as long as support 210 holds. As of publishing, it is trading around 211.93; its intraday low is 211.79.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 211.89
EMA ( 1-hour chart)
55-EMA- 212.30
200-EMA- 212.19
365-EMA- 211.74. The pair trades below the short (55- EMA) and long-term moving average, 200 EMA, and above 365 EMA.
Major Support- 211.70. Any breach below will drag the pair down to 211/210.70/210..
Major resistance - 212.50. Any break above 212.50 confirms minor bullishness; a jump to 213/213.50/214/214.29/215.18 is possible.
Indicator (1-hour chart)
CCI (50)- bearish
Average directional movement Index- Bearish. All indicators confirm a bearish trend.
It is good to buy on dips around 211.70 with SL around 210.70 for a TP of 214.
