GBP/JPY is choosing the way

GBP/JPY is choosing the way

Trade ideas

SELL 144.00; TP1 143.60; TP2 143.10; SL 144.15

BUY 145.10; TP 146.00; SL 144.90

GBP/JPY has been moving up since the start of January. The pair broke out of a bullish flag and reached new highs in the 145.00 area. The natural target on the upside would be to test the 2018 downtrend resistance line in the 147.00 area.

However, so far GBP/JPY has been capped by the declining 200-day MA at 144.60. The Awesome Oscillator didn’t confirm the recent high. As a result, a pullback down to 100-day MA may bring the pair to 143.60 or to the next support at 143.00.

On H4, we can see that the most recent consolidation took place between 145.00 and 144.05. The direction of the breakout will decide the near-term fate of the pound.

GBPJPY.png

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