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GBP/JPY moved sideways in the short term trying to accumulate more bullish energy before taking out a major downtrend line. It has tested and retested the weekly pivot point and now it tries to come back higher.
The Pound could drag the pair higher as the UK inflation data have come in better than expected. The Consumer Price Index increased by 2.5% in June versus 2.2% expected and compared to 2.1% growth in May. Moreover, the Core CPI has registered a 2.3% growth, beating the 2.0% estimate.
GBP/JPY H1 Chart Technical Analysis!
GBP/JPY has found support on the weekly pivot point (152.60) and now it looks determined to approach and reach the downtrend line. The sideways movement could represent an accumulation.
The pair failed to resume its growth towards the ascending pitchfork’s median line (ML). It was rejected by the downtrend line, but GBP/JPY buyers are still strong. Staying near the downtrend line could signal an imminent breakout.
Failing to make a valid breakdown through the weekly pivot point (152.60) signals that we may have an upwards movement.
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