GBPJPY gained above the 203.50 level on board-based yen weakness. The intraday trend is bullish as long as support at 203 holds. It hits an intraday high of 203.91 and is currently trading around 203.72.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 203.73
EMA (4-hour chart)
55-EMA- 202.70
200-EMA- 201.98
365-EMA- 201.09. The pair trades above the short (55- EMA) and long term moving average(365 EMA and 200 EMA) and 200 EMA.
Major Support- 203. Any breach below will drag the pair down 202.50/202/201.70/201.25/200.
Major resistance - 204.35. Any break above confirms minor bullishness, a jump 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 202.58-60 with SL around 202 for a TP of 204/205.
