GBPJPY recovered nearly 100 pips from the intraday low of 211.29 as the yen lost momentum. The intraday trend is bullish as long as support 210 holds. As of publishing, it is trading around 212.27; its intraday high is 212.21.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 212.21
EMA ( 60-min chart)
55-EMA- 211.74
200-EMA- 211.76
365-EMA- 211.74. The pair trades above the short (55- EMA) and long-term moving average (200 and 365 EMA).
Major Support- 211.75. Any breach below will drag the pair down to 211/209.70/208.50/208.
Major resistance - 212.30. Any break above 212.30 confirms minor bullishness; a jump to 213/213.45/215 is possible.
Indicator (60-min chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 212 with SL around 211 for a TP of 214.
