GBPJPY gained sharply above 203 as the yen loses momentum. Intraday trend is bullish as long as support 202.20 holds. It hits an intraday high of 203.206 and is currently trading around 203.168.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 203.17
EMA (4-hour chart)
55-EMA- 201.68
200-EMA- 201.56
365-EMA- 200.72. The pair trades above the short (55- EMA) and above long long-term moving average (200 and 365 EMA).
Major Support- 202.50. Any breach below will drag the pair down 202/201.70/201/200.60/200/199.30/199/198.34/197.40.
Major resistance - 203.60. Any break above confirms minor bullishness, a jump to 204/204.25/205 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a bullish trend.
It is good to buy on dips around 202.68-70 with SL around 201.70 for a TP of 204.20/205.
