GBP/JPY Ascending Channel Uptrend is in the progress. Forward Earnings in the USA has improved hence why the US Equities have been flying this week. When Equities are going up, Yen pairs usually follow. The GBP/JPY is one of the best moving pairs in the Forex market and when the technical analysis is aligned with fundamentals it tends to make huge ATR range and provide excellent entries.
The GBP/JPY is making higher highs and higher lows and it looks like a buy on the dip scenario. The main (light green) channel is intact and the current (violet) channel indicates a strong uptrend and the clear zone for trading.At this point, the POC zone is formed at 151.30-50 zone and should the price retrace in the zone, the CCI will be in the negative territory indicating a potential oversold state. Adding to that is an order block so it creates even more confluence. Target is 152.30 followed by 153.10 on a successful breakout. D L3 support is 150.90 and the pair should ideally stay above it in order to remain bullish.