GBPJPY pared some of its gains on the weak pound sterling. Intraday trend remains bullish as long as support 202 holds. Trading around 202.51 right now, the pair reached an intraday low of 202.18.
Oscillators and moving averages to forecast the trend of GBPJPY
CMP- 202.51
EMA (4-hour chart)
55-EMA- 202.55
200-EMA- 201.64
365-EMA- 200.58. The pair trades above the short and above the long-term moving average.
Major Support- 202. Any breach below will drag the pair down 201.30/200.50/200/199.30/198.34/197.40.
Major resistance – 203.60. Any break above confirms minor bullishness; a jump to 204/204.25/205 is possible.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index- Neutral. All indicators confirm a mixed trend.
It is good to buy on dips around 202.18-20 with SL around 201.30 for a TP of 205.
