GBPJPY TECHNICAL ANALYSIS
Here is a GBPJPY Technical Analysis on the daily time frame. It is a major currency pair and one of the 21 currency pairs that we cover in our Forex Signals App that is available on both Android and iTunes. You can also view the Forex Signals App video demo.
GBPJPY on the Daily Time Frame
Price is currently hovering above the 15, 30 and 50 ema. The next topside resistance comes in the form of the 100 ema and the 200 ema (purple line) comes in as the next resistance.
MACD histogram is below the zero line, in red and have not confirmed a bullish cycle yet.
We believe only above dynamic resistance in the form of 100 and 200 ema can GBPJPY see more bullish upside with stronger momentum.
Additional points on GBPJPY
The pintail formed a couple of weeks ago started the bullish retrace we saw in this pair.
The Brexit issues still being discussed in the background is preventing GBP in particular from going northwards. We have seen USDJPY make a push upwards towards 111.00 and yet GBPJPY went lower overnight.
Pound needs to strengthen in order for GBPJPY to remain supported by the bulls.
We are NEUTRAL to slightly bullish on the GBPJPY at the moment and we are observing for more bullish momentum. It will not surprise us if price consolidates at around the current price level.
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