GBP/JPY: Findin some direction.
We can see here GBP/JPY has pretty much been consolidating in a range for sometime now.. We can find out what direction it will trend in if we wait until price tests an ascending daily trend in confluence with a major demand zone and see how price reacts. The direction of this break could be determined how the underlying price action plays out on both USD/JPY and GBP/USD. We know from last wee NFP report that the numbers were positive giving USD a boost and my analysis for UJ this week has a long bias. Furthermore, if we look at GU we can see that with the result of NFP price has dropped to test a new major support of 1.30 after price broke out from this high earlier to make a new high. If this support holds and price rises on both UJ and GU then we could see GJ reject this major demand zone and rise possibly breaking out of this consolidation range and making new highs.
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