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GBPJPY Rides Bullish Wave: Eyeing 205 Break on Yen Weakness

 

GBPJPY gained above the 204 level on board-based yen weakness. The intraday trend is bullish as long as support at 203 holds. It hit a high of 204.53 yesterday and is currently trading around 204.08.

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 204.13

 

EMA (4-hour chart)

 

55-EMA- 202.98

 

200-EMA- 202.103


365-EMA- 201.19.

The pair trades above the short (55 EMA) and long-term moving averages (365 EMA and 200 EMA).

 

Major Support- 203.60. Any breach below will drag the pair down 203/202.50/202/201.70/201.25/200.

 

Major resistance - 204.60.  Any break above confirms minor bullishness, a jump to 205/206 is possible.

Indicator (4-hour chart)

 

CCI (50)-  Bullish

Average directional movement Index-  Bullish. All indicators confirm a bullish trend.

 

It is good to buy on dips around 203.58-60 with SL around 203 for a TP of 205.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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