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213.50 Double Top? Not Today! GBPJPY Stays Bullish Above Key Support

 

 

GBPJPY formed a double top around 213.50 and showed a minor sell-off. The intraday trend is bullish as long as support 211.50 holds. As of publishing, it is trading around 213.32; its intraday high is 213.43.

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 213.33

 

EMA ( 1-hour chart)

 

55-EMA- 212.55

 

200-EMA- 212.29


365-EMA- 211.85. The pair trades above the short (55- EMA) and long-term moving average (200 and 365 EMA).

 

Major Support- 212.75. Any breach below will drag the pair down to 212.35/211.85/211/210.70/210..

 

Major resistance - 213.50.  Any break above 213.50 confirms minor bullishness; a jump to 214/214.29/215.18 is possible.

Indicator (1-hour chart)

 CCI (50)-  Bullish

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

 

It is good to buy on dips around 212.80 with SL around 211.70 for a TP of 215.15.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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