-
GBP/JPY Signaling Bullish Continuation with a Breakout
Shift of Trend: GBP/JPY has been falling since making a new high on the year at 175.36 in July. After finding support at 1704.42, the pair has started to shift from this medium-term bearish attempt. After price broke above 171.67, the mode in the 4H chart, shifted from bearish to neutral as price also moved above the 100-, and 50-period simple moving averages. The 4H RSI also broke above 60 to show loss of bearish momentum. Then we had some sideways action. Last, week GBP/JPY started to look bullish when it held above that 171.67 resistance, treating it as support. Price also held above the 100-period SMA and a ... (full story)