Analysis of GBPJPY on the daily time frame.
The currency pair is still within an uptrend channel and price have closed above the 15 and 30 EMA which acted as dynamic resistance in the past and is now acting as dynamic support.
As long as price is above the EMAs, price have the potential to target upside target at 150.00 round number.
However, failure to remain above the EMAs will see the pair going lower, possibly targeting the bottom part of the channel, which the pair did on the 2nd of March 2018, a month ago from where we are now.
The MACD histogram is also showing a downside cycle bias although still above the zero line.
We are neutral in this pair right now and awaiting for the markets to come alive again on Tuesday as today major central banks are still on holiday.
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