The GBP/JPY pair moves sideways between 154.21 and the153.49 weekly pivot point. In the short term, the Yen has started to appreciate versus its rivals as the Japanese Yen Futures tries to rebound. Also, the JP225, the Nikkei seems vulnerable, a potential drop may signal Yen’s growth.
Fundamentally, the Yen received a helping hand from the Japanese SPPI which registered a 1.0% growth versus 0.9% expected. It remains to see what will really happen as the currency pair is trapped within a range.
GBP/JPY Technical Analysis!
The GBP/JPY pair failed to take out the resistance represented by the downtrend line and now it challenges the ascending pitchfork’s lower median line (lml). Staying within the ascending pitchfork’s body may signal that the price could still resume its growth.
153.48 stands as a static support. Only a valid breakdown below this downside obstacle could signal potential deeper drop.
Conclusion!
Staying within the ascending pitchfork’s body and making a new higher high, a bullish closure above 154.21 could signal an upside continuation.
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