GBPJPY Rockets Past 214 – 17-Year Peak – Hold 212.60 or Risk Reversal, Bulls Eye 215–217

Rising over the 214 mark, GBPJPY trading is at its highest since August 2008. As long as support 212.60 is present, the intraday trend is positive. Its intraday high is 214.09, and its trading price is roughly 214.07 as published.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 214

EMA (4- hour chart)

55-EMA- 211.51

200-EMA- 209

365-EMA- 206.87. The pair trades above short (55- EMA) and above long term moving average(365 EMA and below 200 EMA).

Major Support- 212.60. Any breach below  will drag the pair down 211.74/211/210.54/209.70/209/208.60/207.95/207.20/206.75.

Major resistance - 214.20.  Any break above confirms minor bullishness, a jump to 215.18/216-/217 is possible.

Indicator (4-hour chart)

 CCI (50)-  Bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to buy on dips around 211.50 with SL around 210.50 for a TP of 214.