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GBPJPY showed a nice pullback after the BOE monetary policy. Intraday trend is bullish as long as support 200 holds. It hits an intraday high of 201.26 and is currently trading around 201.17.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 201.176
EMA (1-hour chart)
55-EMA- 201.73
200-EMA- 201.54
365-EMA- 200.65. The pair trades below the short (55- EMA) and above the long-term moving average(365 EMA) and below the 200 EMA.
Major Support- 200.60. Any breach below will drag the pair down 200/199.30/199/198.34/197.40.
Major resistance - 201.30 Any break above confirms minor bullishness; a jump to 202/202.80/203.30/204/204.25/205 is possible.
Indicator (1-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a bearish trend.
It is good to buy on dips around 200.78-80 with SL around 200 for a TP of 202.50/203.
