Instrument: GBPJPY
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 173.485 with take profit at 173.648
Bearish Preference:
A sell position is envisaged if the price trades below 173.061 with take profit at 172.900
Fundamentals:
None with High Impact
Comment:
Technically speaking, GBP/JPY is testing a key hurdle at the October high of 172.10. Notwithstanding minor signs of fatigue on smaller timeframe charts, the momentum on higher timeframe charts continues to be up. The cross would need to drop below last week’s low of 171.20 for the short-term upward pressure to ease. Subsequent resistance is at 180.50 (the 78.6% retracement of the 2015-2016 slide). We trade technically today.
Analysis: SCRUM Team