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GBPJPY Bottoms Out at 207.56: 150-Pip Surge Signals Sell-on-Rallies Trap

GBPJPY gained more than 150 pips after forming a minor bottom around 207.56. It hits an intraday low of 208.97 and is currently trading around 209.95.

 

 

Technicals

CMP -209.17

Trend

1- Hour chart

Value

 

 

55 EMA

209.13

CMP > value

Bullish

200- EMA

210.98

CMP less than value

Bearish

365- EMA

211.49

CMP more than value

Bullish

 

Major support- 207.75/206.75/205.

 

Momentum indicator

Inference

Value

CCI(50)

above zero line (bullish)

-154

ADX

Neutral

Strength declined from 20.73 to 19.81.

 

It is good to sell on rallies around 209.55-57 with SL around 210.50 for a TP of 207.55/206.

 

 

 

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