Yen Strength Hits GBPJPY Hard – Gains Wiped Out, But Bulls Defend 210 Support

GBPJPY pared most of its gains on board-based yen strength. As long as support 210 holds, the intraday trend is bullish. It is trading around 210.97, as of publication, and has reached an intraday low of 210.42.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 210.42

EMA (1-hour chart)

55-EMA- 210.88

200-EMA- 209.86

365-EMA- 208.93. The pair trades below the short (55- EMA) and above the long-term moving average(365 EMA and below 200 EMA).

Major Support- 210. 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 (1-hour chart)

 CCI (50)-  Neutral

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to buy on dips around 210 with SL around 209 for a TP of 212..