GBP/JPY Extends Its Growth Within The Up Channel!

Olimpiu Tuns
1 September 2021 | Updated: 1 September 2021

GBP/JPY rallied today as the Nikkei has managed to increase. We have a strong positive correlation between these two. The pair was bullish despite its sideways movement. Now, it has managed to break above the former highs signaling strong buyers.

The British Pound has received a helping hand from the Final Manufacturing PMI. The economic indicator has increased from 60.1 to 60.3, beating the 60.1 estimate signaling expansion. The Japanese Yen depreciated versus all its rivals even if the Final Manufacturing PMI rose from 52.4 to 52.7.

GBP/JPY Technical Analysis!

GBP/JPY has moved sideways around the ascending pitchfork’s median line (ML). It has registered a strong rally after retesting the uptrend line. It has decreased a little in the last hours only to retest 151.59 former high.

The immediate upside target is seen at the weekly R1 (152.00). Making a valid breakout above this static resistance, a new higher high, indicates further growth.

Conclusion!

The aggressive breakout through the immediate highs indicates an upside continuation. Technically, the channel’s upside line is seen as an important upside target.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.