Technical Analysis – GBPJPY short term bullish after rising above 140.
This article is originally referred from XM Investment Research Desk.
The short term bias for GBP/JPY has turned bullish especially after prices broke above the key psychological level of 140.00. This level was previously acting as major resistance and has now turned into immediate support.
RSI is rising and approaching 50. If it crosses over into bullish territory, this would strengthen upside momentum in the market and accelerate a rise in prices towards 144.37. This level is the 50% Fibonacci Re-tracement of the drop from 160.08 to 128.75.
In the bigger picture, the trend still looks bearish as prices have been falling since the end of 2015. A break above the April 2016 low of 151.63 would shift the bias to neutral.
Original Source: XM Investment Research Desk