Technical Analysis – GBPJPY weekly uptrend in tact, consolidation on hourly
October 14, 2013 8:43 am
GBPJPY on the Weekly chart is in a strong uptrend and has maintained its bullish bias by remaining in the rising channel. Price action is also above the 50-period moving average. RSI is above 50 in bullish territory. Key support is at the 147.50-147.52 area. A break below this level could cancel the bullish scenario.
GBPJPY Weekly Chart
In our analysis on Friday we said that on the Hourly chart, the pair was trading within a rising channel and a break outside could lead to a downward move to the support level at 157.00. This scenario has been played out since late Friday and the pair has been consolidating at this key support level. Brief dips below this level were seen but remained above the second support level of 156.55.
GBPJPY on the Weekly chart is in a strong uptrend and has maintained its bullish bias by remaining in the rising channel. Price action is also above the 50-period moving average. RSI is above 50 in bullish territory. Key support is at the 147.50-147.52 area. A break below this level could cancel the bullish scenario.
GBPJPY Weekly Chart
In our analysis on Friday we said that on the Hourly chart, the pair was trading within a rising channel and a break outside could lead to a downward move to the support level at 157.00. This scenario has been played out since late Friday and the pair has been consolidating at this key support level. Brief dips below this level were seen but remained above the second support level of 156.55.
GBPJPY Hourly Chart
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