GBPJPY hits 17 17-year high as yen loses momentum. Intraday trend is bullish as long as support 210 holds. At the time of writing, it reached a high of 211.53 and is now trading about 211.402.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 209.70
EMA (4-hour chart)
55-EMA- 208.47
200-EMA- 206.24
365-EMA- 204.52. The pair trades above short (55- EMA) and above long-term moving average(365 EMA and below 200 EMA).
Major Support- 210.40. Any breach below will drag the pair down 209.70/209/208.60/207.95/207.20/206.75.
Major resistance - 211.55. Any break above confirms minor bullishness; a jump to 212/212.60 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 210 with SL around 209 for a TP of 212.60.
