Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

GBPJPY Bulls Hold Strong: Eyeing a Breakout Above 206 – Buy the Dips

GBPJPY has been consolidating in a narrow range between 204.29 and 205.99 for the past three days. The intraday trend remains positive as long as support at 205 holds. At the time of writing, it reached a high of 206.05 and is now trading at about 205.99

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 205.99

 

EMA (4-hour chart)

 

55-EMA- 204.70

 

200-EMA- 203.06


365-EMA- 201.91. The pair trades above the short-term (55 EMA) and long-term moving averages (365 EMA and 200 EMA).

 

Major Support- 205.80. Any breach below will drag the pair down 205/204.20/203.70/203/202.50/202/201.70/201.25/200.

 

Major resistance - 206.20.  Any break above confirms minor bullishness; a jump to 206.85/207.05/208/209.20 is possible.

Indicator (4-hour chart)

 CCI (50)-  bullish

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

 

It is good to buy on dips around 205 with SL around 204.20 for a TP of 207.05.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.