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- GBP/JPY Price Analysis: Bulls look toward 150.20
GBP/JPY Price Analysis: Bulls look toward 150.20
- GBP/JPY bulls are in play from critical support.
- 152.40s are eyed from the longer-term analysis. Nearer term,150.20 is compelling on the 4-hour chart.
GBP/JPY is meeting a critical area of support and the focus is on the upside across the time frames and various structures as follows:
GBP/JPY weekly chart
The weekly chart is compelling as per the M-formation. The price will typically revert for a test of the neckline, which in this case, is located near 152.40.
GBP/JPY daily chart
The daily support is so far holding up and zooming in, there are prospects for a test the upside as follows:
GBP/JPY H4 chart
From a 4-hour perspective, the price could be destined for a test of the prior lows and the confluence of the 38.2% Fibonacci retracement of the prior bearish impulse. This comes in near 150.20. Should the resistance hold at this area, then the downside will be in play and a break of the dynamic support opens risk towards 149 the figure.
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