As the yen was strengthening, GBPJPY was slightly liquidated. The intraday trend remains bullish if the 205 support level is maintained. It went down to 206.54 at the time of writing, but is now trading around 206.607.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 206.45
EMA (one-hour chart)
55-EMA- 206.56
200-EMA- 206
365-EMA- 205.35. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).
Major Support- 206.50. Any breach below will drag the pair down 206/205.40/205/204.40/203.70/203.
Major resistance - 207.50. Any break above confirms minor bullishness, a jump to 208/209.20/210 is possible.
Indicator (1-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.
