Technical Analysis – GBPJPY bullish in a rising channel
October 11, 2013 7:42 am
GBPJPY is in a strong uptrend. On the Hourly Chart the pair is advancing within a rising channel. After breaking the key level of 157.00 in the Asian trading session on Friday, the pair gained momentum to rise to a high of 157.50.
The pair has since been consolidating around this level, currently bouncing off the lower channel line around 157.12 in early European session trading. RSI is in bullish territory while the MACD is rising.
Immediate key support is at 157.00 and a penetration below this would lead to the next support level at 156.55. A break below this could weaken the bullish momentum if indicators confirm a reversal. However a bounce off this level at 156.55 could propel the pair towards 157.50 and 158.00.
GBPJPY is in a strong uptrend. On the Hourly Chart the pair is advancing within a rising channel. After breaking the key level of 157.00 in the Asian trading session on Friday, the pair gained momentum to rise to a high of 157.50.
The pair has since been consolidating around this level, currently bouncing off the lower channel line around 157.12 in early European session trading. RSI is in bullish territory while the MACD is rising.
Immediate key support is at 157.00 and a penetration below this would lead to the next support level at 156.55. A break below this could weaken the bullish momentum if indicators confirm a reversal. However a bounce off this level at 156.55 could propel the pair towards 157.50 and 158.00.
GBPJPY Hourly Chart
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