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GBP/JPY chart on Trading View used for analysis
- GBP/JPY is extending grind above 200-DMA, hits 3-week highs at 147.98.
- Technical analysis supports bullish bias for the pair, scope for further gains.
- Price action is now above daily cloud and major moving averages.
- Stochs are sharply higher and RSI above 50, bias higher. MACD shows bullish crossover on signal line.
- Next major bull target lies at 148.70 (trendline resistance). Break above to see further gains.
- On the flipside, retrace below 200-DMA could see weakness till 5-DMA at 146.56. Dip below 20-DMA negates bullish bias.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-JPY-Trade-Idea-1453317) has hit TP1.
Recommendation: Book partial profits at highs, hold for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
