GBPJPY holds above 203 on board-based yen selling. Intraday trend remains bullish as long as support 201.80 holds. Trading around 203.35 right now, the pair reached an intraday high of 203.39.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 203.33
EMA (4-hour chart)
55-EMA- 202.38
200-EMA- 201.10
365-EMA- 200.05. The pair trades above short and above long term moving average.
Major Support- 202.60. Any breach below will drag the pair down to 201.80/201.30/ 200/199.30/198.34/197.40.
Major resistance - 203.50. Any break above confirms minor bullishness; a jump to 204.20/205/205.35/206 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 202.58-60 with SL around 201.80 for TP of 204/205.
