Yen Capitulation Sends GBPJPY to 17-Year Peak – 212.60 Next?

GBPJPY hits 17 17-year high as yen loses momentum. Intraday trend is bullish as long as support 210 holds. At the time of writing, it reached a high of 211.53 and is now trading about 211.402.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 209.70

EMA (4-hour chart)

55-EMA- 208.47

200-EMA- 206.24

365-EMA- 204.52. The pair trades above short (55- EMA) and above long-term moving average(365 EMA and below 200 EMA).

Major Support- 210.40. Any breach below will drag the pair down 209.70/209/208.60/207.95/207.20/206.75.

Major resistance - 211.55.  Any break above confirms minor bullishness; a jump to 212/212.60 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 210 with SL around 209 for a TP of 212.60.