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GBPJPY Rockets Post-BOJ Hike: Bullish Surge to 210 in Sight – Buy Dips Targeting 212

GBPJPY gained sharply after the BOJ rate hike. Intraday trend is bullish as long as support  207.95 holds. At the time of writing, it reached a high of 209.75 and is now trading about 209.70.

Oscillators and moving averages to forecast the trend of GBPJPY

 

CMP- 209.70

 

EMA (4-hour chart)

 

55-EMA- 207.78

 

200-EMA- 205.86


365-EMA- 204.26. The pair trades above short (55- EMA) and long-term moving average(365 EMA and below 200 EMA).

 

Major Support- 208.60. Any breach below will drag the pair down 207.95/207.20/206.75/206.47/205.40/205.

 

Major resistance - 210.  Any break above confirms minor bullishness, a jump to 210.58/212 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 209 with SL around 207.80 for a TP of 212.

 

 

 

 

 

 

 

 

 

 

 

 

 

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