GBPJPY bearish action slows, trend reversal awaited

From xm.com

GBPJPY continues to show signs of a fading downtrend as the RSI and the MACD keep extending their two-month old upward pattern at a time when the price seems to be easing bearish momentum. The minimal difference between the recent lows is more evidence that the market may be preparing for a trend reversal. Traders could wait for a clear breakout of the June high of 138.32 to confirm the end of the bearish movement. Before that, the bulls would need to overcome the 136.50 and 137.40 barriers. Should the market finish a session comfortably under the 135.00 mark, the door could open for the short-term descending line ... (full story)