Technical analytics

GBPJPY market technical outlook

GBPJPY

 Daily chart:

Downswing reached another mid-term support-zone 134.94-135.36, where we have initial signs of probable switching to correction. In particular, yesterday;s session was closed with a good reversal bar that might be a sign of bears’ tiredness.

Potential of upward correction is quite big and the closest targets are 136.60 and 138.22.

H1-chart:

Local structure got an elevation of support and it’s one of the signs of a reversal. Bulls now need to break the closest local high at 136.40-136.55 in order to pierce consolidation and completely validate the upswing.

Conclusions:

Growth to 136.60 and 137.00. Longer term target will be at 138.22.

Trading recommendations:

Longs to 136.60, 137.00, 138.20.

 

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