GBPJPY Pulls Back on Mixed CPI – Bulls Still Alive Above 210

GBPJPY pared some of its gain after mixed UK CPI  data. The intraday trend is bullish as long as support 210 holds. As of publishing, it is trading around 211.93; its intraday low is 211.79.

Oscillators and moving averages to forecast the trend of GBPJPY

CMP- 211.89

EMA ( 1-hour chart)

55-EMA- 212.30

200-EMA- 212.19

365-EMA- 211.74. The pair trades below the short (55- EMA) and long-term moving average, 200 EMA, and above 365 EMA.

Major Support- 211.70. Any breach below will drag the pair down to 211/210.70/210..

Major resistance - 212.50.  Any break above 212.50 confirms minor bullishness; a jump to 213/213.50/214/214.29/215.18 is possible.

Indicator (1-hour chart)

 CCI (50)-  bearish

Average directional movement Index-  Bearish. All indicators confirm a bearish trend.

It is good to buy on dips around 211.70 with SL around 210.70 for a TP of 214.