GBP/JPY is trading in the red at 151.06 at the moment of writing. It has found strong resistance and now it could slip lower. Actually, Nikkei’s (Jp225) drop helped the Japanese Yen to rise versus its rivals.
Technically, the bias is somehow bullish, GBP/JPY could still increase after ending its current drop. It could test and retest the immediate support levels before jumping higher again. JPY could increase a little in the short term as the Japanese Retail Sales have increased by 2.4% versus 2.1% expected and after 0.1% growth registered in the previous reporting period.
GBP/JPY Technical Analysis!
GBP/JPY failed to stabilize above the ascending pitchfork’s median line (ML). A temporary drop is in cards as long as it stays below the median line. It could come back to test and retest the broken upper median line (uml).
The bias is bullish as long as it stays above the weekly pivot point (150.63). A valid breakout through the median line (ML) could activate an upwards movement towards the ascending pitchfork’s upper median line (UML).
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