GBP/JPY has
been slowly but steadily moving to the downside for months now but yesterday
the pair finally reached a support at 135.50, formed a distinct hammer
candlestick on the daily time-frame above that level and bounced off from it.
Today the move to the upside continued after the fundamentals gave the pair a
push and GBP/JPY climbed back to the resistance at 137.90 – 138.00 and it is
currently testing it. A possible breakout above that resistance level could
lead to a further move to the upside towards 139.30, which coincides with the
(MA)89 indicator on daily time-frame. Whether or not the pair will break out
above it remains to be seen, as it has been testing it since the end of
February this year.
That's a great rally.
ReplyDeleteSeems like it will keep pushing higher.
ReplyDeleteNice rally indeed!
ReplyDeleteGbp/Jpy might rest 140 level again.
ReplyDelete