GBP/JPY Uptrend Slope Remains Positive

1 min read
tarantula fx

tarantula fx

Head of Trading

The uptrend on the GBP/JPY seems unscathed. The GBP/JPY dropped along with Equities, namely DAX g as a result of the German elections over the weekend, partly due to Merkel requiring a Coalition and also partly due to rise in Seats taken by the far-right party, AfD.

At this point, the pair is retracing towards 151.35-25 the first support zone and further retracement could bring it to the POC zone 150.40-150.60 (W L3, trend line, 38.2). Any of these two important zones could spike the pair up towards 151.80 and 152.80. Only a 4h close above 152.80 could make a continuation towards 153.85. Pay attention to channels and camarilla points along with the CCI as the price is not oversold yet.

GBP/JPY chart analysis
GBP/JPY 4h chart

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