GBPJPY gained sharply after a minor decline below 210. The intraday trend is bullish as long as support 210 holds. As of publishing, it is trading around 212.06; its intraday high is 212.167.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 212.07
EMA ( 60-min chart)
55-EMA- 211.31
200-EMA- 211.76
365-EMA- 211.75. The pair trades below 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 - 212.20. Any break above 212.20 confirms minor bullishness; a jump to 213/213.45/215 is possible.
Indicator (60-min chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bearish trend.
It is good to buy on dips around 211.48-50 with SL around 210.70 for a TP of 214.
