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GBPJPY Smashes Past 205 – Yen in Freefall as Bulls Target 207

GBPJPY gained above the 205 level on board-based yen weakness. Intraday trend is bullish as long as support 204.30 holds. It hit a high of 206.03 at the time of writing and is currently trading around 205.49.

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 205.38
 

EMA (4-hour chart)

 

55-EMA- 203.59

 

200-EMA- 202.378


365-EMA- 201.39. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and 200 EMA) and 200 EMA.

 

Major Support- 205. Any breach below will drag the pair down 204.30/203.70/203/202.50/202/201.70/201.25/200.

Major resistance - 206.20.  Any break above confirms minor bullishness, a jump to 207.05/208/209.20 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 204.70-72 with SL around 203.70 for a TP of 207.20.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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