GBPJPY Bulls Hold the Line at 212 – Dip to 211.70 Signals Buy Opportunity

GBPJPY declined slightly after yen gains momentum. The intraday trend is bullish as long as support 210 holds. As of publishing, it is trading around 212.31; its intraday low is 212.30.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 212.30

EMA ( 1-hour chart)

55-EMA- 212.18

200-EMA- 212.14

365-EMA- 211.65. The pair trades above the short (55- EMA) and above long-term moving averages, 200 EMA and 365 EMA.

Major Support- 212.30. Any breach below will drag the pair down to 212/211.70/211/210.70/210..

Major resistance - 213.  Any break above 213 confirms minor bullishness; a jump to 213.50/214/214.29/215.18 is possible.

Indicator (1-hour chart)

 CCI (50)-  bullish

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

It is good to buy on dips around 211.70 with SL around 210.70 for a TP of 214.