My bias fot GBP/JPY is strongly bullish, especially with this view on the weekly.
Last week price closed above 148.00 key level which it has previously rejected on 3 consecutive occasions. With this in mind and a strong technical strength score of +10 I firmly believe 164.00 Monthly resistance will be the next stop.
After some time within range consolidation I believe price is ready for its second push up especially with sterling being very strong across the board. for an entry opportunity I would like to see price retract this week and place some bullish candlestick rejection on the 148.00 level across lower time frames, this would give me the criteria to enter a long position however, it seems bullish momentum is very strong on the pound and it is likely price will not pullback and continue to rally up, in this case, I will sit on the sidelines and look for further, smaller scale pullbacks to offer me the entry criteria needed.
Last week price closed above 148.00 key level which it has previously rejected on 3 consecutive occasions. With this in mind and a strong technical strength score of +10 I firmly believe 164.00 Monthly resistance will be the next stop.
After some time within range consolidation I believe price is ready for its second push up especially with sterling being very strong across the board. for an entry opportunity I would like to see price retract this week and place some bullish candlestick rejection on the 148.00 level across lower time frames, this would give me the criteria to enter a long position however, it seems bullish momentum is very strong on the pound and it is likely price will not pullback and continue to rally up, in this case, I will sit on the sidelines and look for further, smaller scale pullbacks to offer me the entry criteria needed.