GBPJPY gained above the 204 level on board-based yen weakness. The intraday trend is bullish as long as support at 203 holds. It hit a high of 204.53 yesterday and is currently trading around 204.08.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 204.13
EMA (4-hour chart)
55-EMA- 202.98
200-EMA- 202.103
365-EMA- 201.19.
The pair trades above the short (55 EMA) and long-term moving averages (365 EMA and 200 EMA).
Major Support- 203.60. Any breach below will drag the pair down 203/202.50/202/201.70/201.25/200.
Major resistance - 204.60. Any break above confirms minor bullishness, a jump to 205/206 is possible.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index- Bullish. All indicators confirm a bullish trend.
It is good to buy on dips around 203.58-60 with SL around 203 for a TP of 205.
