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GBPJPY gained above the 206 level on the back of the Pound sterling buying. Intraday trend is bullish as long as support 205 holds. At the time of writing, it reached a low of 206.37 and is now trading about 206.614.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 206.45
EMA (one-hour chart)
55-EMA- 205.67
200-EMA- 203.88
365-EMA- 202.57. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).
Major Support- 205.60. Any breach below will drag the pair down 205/204.40/203.70/203.
Major resistance - 206.50. Any break above confirms minor bullishness; a jump to 207/207.25/208/209.20/210 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 206 with SL around 205 for a TP of 208.
