GBPJPY gained more than 100 pips after a massive sell-off on Friday. The pair declined sharply after Trump imposed an additional tariff of 100%. Intraday trend remains bullish as long as support 201.80 holds. Trading around 202.76 right now, the pair reached a low of 201.85 yesterday.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 202.76
EMA (4- hour chart)
55-EMA- 201.99
200-EMA- 200.32
365-EMA- 199.37. The pair trades above the short and long-term moving averages.
Major Support- 201.80. Any breach below will drag the pair down to 201.30/200/199/198.
Major resistance - 203.10. Any break above 203.10 confirms minor bullishness; a jump to 204.50/206 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 202 with SL around 200 for TP of 204.
