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- GBP/JPY Price Analysis: Bulls taking charge from daily support
GBP/JPY Price Analysis: Bulls taking charge from daily support
- GBP/JPY bulls are seeking a significant correction from daily support.
- Bulls need to clear the 4-hour resistance near 153.50.
GBP/JPY is on the verge of a significant correction from the daily support that is illustrated in the following analysis of the daily and 4-hours charts below.
GBP/JPY daily chart
The price is meeting a compelling level of support at this juncture which gives rise to the prospects of a significant correction back into the 50% mean reversion of the bearish impulse. Beyond there, the 61.8% Fibonacci level could be targeted with 155 on the bull's radar.
GBP/JPY 4-hour chart
The 4-hour chart is bullish into the 61.8% Fibonacci of the latest bearish impulse which targets the 153.35s and the neckline of the M-formation's neckline. A break there will open risk towards the daily chart's targets as illustrated above.
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