GBPJPY gained sharply after the BOJ rate hike. Intraday trend is bullish as long as support 207.95 holds. At the time of writing, it reached a high of 209.75 and is now trading about 209.70.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 209.70
EMA (4-hour chart)
55-EMA- 207.78
200-EMA- 205.86
365-EMA- 204.26. The pair trades above short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).
Major Support- 208.60. Any breach below will drag the pair down 207.95/207.20/206.75/206.47/205.40/205.
Major resistance - 210. Any break above confirms minor bullishness, a jump to 210.58/212 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 209 with SL around 207.80 for a TP of 212.
