As the yen loses steam, GBPJPY climbed almost 100 pips from the small bottom of 197.48. Currently trading around 198.19, the pair reached an intraday high of 198.55.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 198.08
EMA (4-hour chart)
55-EMA- 199.09
200-EMA- 199.21
365-EMA- 198.60. The pair trades below short and above long long-term moving average.
This week's low- 197.48 (Yesterday’s low). The pair holds well below that level. Any breach below 197.45 will drag the pair down to 196.95/195.80/195.80/195.
Recent high - 198.60. Any break above 198.63 confirms minor bullishness, a jump to 199.20/199.60/200 /200.51is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to sell on rallies around 198.48-50 with SL around 199 for TP of 197.
