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GBPJPY has traded in a narrow range between 211.61 and 214.40 for the past two days. The intraday trend is bullish as long as support 211.50 holds. As of publishing, it is trading around 212.60; its intraday low is 212.17.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 212.59
EMA ( 4-hour chart)
55-EMA- 212.82
200-EMA- 211.51
365-EMA- 209.65. The pair trades below the short (55- EMA) and above long-term moving average (200 and 365 EMA).
Major Support- 212.85. Any breach below will drag the pair down to 212.30/211.75/211/209.70/208.50/208 .
Major resistance - 212.80. Any break above 212.80 confirms minor bullishness; a jump to 214.20/215 is possible.
Indicator (60-min chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 212.48-50 with SL around 211.29 for a TP of 215.
