Technical analytics

GBPJPY market technical outlook

GBPJPY

Daily chart:

The pair is highly consolidated under the mid-term resistance 140.20-140.26 with full advantage of bulls. Thus even today we can get an upward break and strong impulse of distribution in direction 141.00-142.00.

H1-chart:

Local structure is forming a corrective swing, which can be stopped at support levels 139.44 and 138.92. Buy signals formed at these levels will have big odds for execution.

Conclusions:

Main scenario: Decline to 139.44, then growth in direction 141.00.

Alternative scenario: Deeper correction in direction 138.92, then upward reversal.

Trading recommendations:

Longs from 139.44 and 138.92 to 141.00.