You are here: Home > articles > Forex > Technical Analysis – GBPJPY bullish trend sustained in rising channel
Technical Analysis – GBPJPY bullish trend sustained in rising channel
December 27, 2013 10:19 amVideo
Latest News
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
- Forex forecast 05/01/2024: EUR/USD, GBP/USD, USD/JPY, SP500 and Oil from Sebastian Seliga May 1, 2024
- Market Comment – Dollar enjoys a bid; stocks concerned about a hawkish Fed May 1, 2024
- Technical Analysis – Gold seeks safety after Tuesday’s drop May 1, 2024
- Technical Analysis – USDJPY stabilizes a tad below 160.00 May 1, 2024
- Video market update for April 30, 2024 April 30, 2024
- Analysis of the EUR/USD pair on April 30, 2024 April 30, 2024
- Analysis of the GBP/USD pair on April 30th. Last chance for the dollar April 30, 2024
- GBP/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- EUR/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- GBP/USD: trading plan for the US session on April 30th (analysis of morning deals). The pound is kept within the side channel April 30, 2024
- Could Monday’s intervention turn the tide for the yen? – Special Report April 30, 2024
- EUR/USD: trading plan for the US session on April 30th (analysis of morning deals). The euro is trying to end the month on April 30, 2024
- Trading Signals for Bitcoin (BTC/USD) for April 30 – May 7, 2024: sell below $62,500 (21 SMA – 4/8 Murray) April 30, 2024
- Trading Signals for Ethereum (ETH/USD) for April 30 – May 7, 2024: sell below $3,177 (21 SMA – 1/8 Murray) April 30, 2024
- Technical Analysis – Is US 100 setting course for new record highs? April 30, 2024
- EUR/USD. April 30th. Sellers await weak inflation data in the EU April 30, 2024
GBPJPY spiked above 172.00 on Friday after breaking above key resistance level at 171.00 on Thursday.
The pair is quickly approaching 173.00 and the strong bullish momentum may potentially extend the surge towards 174.00 given that the pair is in a long-term up-trend, namely since June 2012.
This is when the pair began the uptrend in a rising channel. Prices are currently trading close to the upper channel line.
Technical indicators are giving bullish signals on the weekly chart. RSI has risen above 70 while MACD is well above zero and rising. The ADX indicator is above 55 and rising, with the +DI crossing above the –DI, suggesting a strong uptrend.
The closest significant support is at the next lower big figure 160.00, at the lower channel line, and is probable to prove to be a turning point, at which the uptrend would resume since it acts as an up-trend line and long-term studies indicate a strong uptrend.
Related Posts: