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GBPJPY Eyes 208: Pound Pulls Back, Bulls Guard 206

GBPJPY showed a minor pullback as the pound sterling gains momentum. Intraday trend is bullish as long as support 206 holds. At the time of writing, it reached a low of 206.19 and is now trading at about 206.95

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 206.95

 

EMA (one-hour chart)

 

55-EMA- 206.60

 

200-EMA- 206.14


365-EMA- 205.51. The pair trades above the short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).

 

Major Support- 206. Any breach below will drag the pair down 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 206.48-50 with SL around 206 for a TP of 208.

 

 

 

 

 

 

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