GBP/JPY Smashes 212 Barrier: Bullish Breakout Signals Fresh Upside to 214

GBPJPY breaks significant resistance at 212 after a long consolidation. As long as support 210 holds, the intraday trend is bullish. It is trading around 211.88, as of publication, and has reached an intraday high of 212.15.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 211.86

EMA (4- hour chart)

55-EMA- 211.38

200-EMA- 210.78

365-EMA- 210.03. The pair trades above the short-term (55-EMA) and long-term moving averages (365 EMA and below 200 EMA).

Major Support- 211.35. Any breach below this level will drag the pair down to 210.50/209.70/208.60/207.95/207.20/206.75.

Major resistance - 212.20.  Any break above confirms minor bullishness; a jump to 212.60/213/214 is possible.

Indicator (4-hour chart)

 CCI (50)-  Bullish

Average directional movement Index-  Neutral. All indicators confirm a neutral trend.

It is good to buy on dips around 211 with SL around 210 for a TP of 213/214.