EUR/JPY broke key support level 131…
GBP/JPY ending a possible bearish correction around 140.00
GBP/JPY has started a corrective phase on June 20th as it managed to find a top around 142.53. During the last few days, the pair was doing an impulsive move from June 12th exactly and one could expect a demand to be found around the 200 SMA zone at H1 chart, given that it coincides with the Fibonacci retracement level of 50% at 140.61.
If we witness a rebound over there, GBP/JPY might look for the 142.53 level in a first degree, but the major target is placed around 143.44, where the -23.6% Fibonacci retracement level is located. To invalidate the bullish scenario, the pair needs to break below 139.51 (78.6%). RSI indicator is oversold at H1 chart.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.