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.
