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- GBP/JPY Price Analysis: Bullish confluences opens risk to M-formation neckline, 152.30s
GBP/JPY Price Analysis: Bullish confluences opens risk to M-formation neckline, 152.30s
- GBP/JPY is attempting to break out of a phase of accumulation.
- The bulls are targeting the daily M-formation's neckline.
Following the Bank of England and the Bank of Japan, the interest rate differentials are helping to support GBP/JPY higher. The following illustrates the potential for a retest of the M-formation's neckline in the 153.30s for the forthcoming sessions.
GBP/JPY daily chart
As illustrated, the price has found support in the 149's and has turned higher, correcting the prior bearish trend. In recent trade, the bulls have broken the 151.20s order block established at the end of November. Moreover, the wick on the prior day's business is compelling as typically, these will be filled in on the lower time frames once the imbalances of price action are resolved.
GBP/JPY H1 chart
There is a bullish confluence of, a) the retest of the old resistance now turned support, b) the 50, 10 and 200 all aligned in order and bullish and c) the breakout of accumulation that occurred on the BoE surprise rate hike.
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