• GBP/JPY bulls in charge to the hourly resistance level.
  • Bears seeking a retracement according to the daily chart.

GBP/JPY is on the bid according to the lower time frames but there is a risk in banking on the impulse according to the daily chart. 

The following illustrates a bearish bias on the daily chart to test to at least the 38.2% Fibonacci retracement level, if not all the way back t the prior highs and a potential support structure that correlates to the 61.8% Fibonacci retracement level.

Daily chart

Hourly chart

Meanwhile, from a lower time frame perspective, the bulls are focused on the prior liquidity area as identified on the chart above as the price tests above the prior highs, the 21-EMA following a correction to the 38.2% Fibonacci level. 

During the time of writing, in fact, the price has already charged and is approaching the 155.65 resistance target area as seen from the 15-min chart:

Articles You May Like

Canadian crypto exchanges reach $1B in assets under management
ForexLive European FX news wrap: Dollar remains steady, bond yields slip further
US Dollar closes its best week since September on the back of strong NFPs,eyes on CPI
S&P index is a new 52 week high. NASDAQ closes at its highest level this year
‘Excess profits’ at big energy and consumer companies pushed up inflation, report claims