GBPJPY took support near 365-4H EMA and showed a nice pullback as Yen lost its shine after BOJ kept its trades unchanged. Intraday trend remains bullish as long as support 202 holds. Trading around 203.04 right now, the pair reached an intraday high of 203.12.
Though keeping its key rate at 0.5%, the Bank of Japan (BOJ) maintained a hawkish tone with Governor Kazuo Ueda pointing towards a possible rate hike in December. Although dissenting votes from two board members underlined rising internal pressure for tightening, Ueda restated the BOJ's intention to increase borrowing rates should the economy highlight moderate inflation and a need to verify consistent wage-price increase, aligning with forecasts. Markets regarded his remarks as fairly dovish; the yen fell even as experts pointed out his hawkish statements kept December rate hike possibilities alive. Under Prime Minister Sanae Takaichi, a proponent of easing, the BOJ keeps balancing above-target inflation, worldwide uncertainties, and political pressure while adhering to a data-driven and incremental normalisation path.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 203.10
EMA (1-hour chart)
55-EMA- 201.98
200-EMA- 202.51
365-EMA- 202.35. The pair trades above the short-term and above long long-term moving average.
Major Support- 202.50. Any breach below will drag the pair down 201.30/200.50/200/199.30/198.34/197.40.
Major resistance - 203.60. Any break above confirms minor bullishness; a jump to 204/204.25/205 is possible.
Indicator (1-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 202.78-80 with SL around 202 for TP of 205.


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