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The short term trend is restrained at the stiff resistance of 147.789 levels. That is where bearish patterns such as gravestone doji and shooting star patterns are popping up at this juncture. The current prices remain well above DMAs.
However, GBPJPY bulls test strong support at 23.6% Fibonacci retracement levels, more rallies on cards as the trend in the consolidation phase backed by both momentum and trend oscillators.
Although GBPJPY halted bull swings today at 147.130 levels, dips were supported at 146.7277 (at around 7DMA levels). From the last couple of months, the trend has been drifting in range (see rectangular area).
The uptrend in consolidation phase likely to extend upto 147-150 range resistance (38.2% Fibonacci levels) upon confirmation from both leading & lagging indicators.
Please be noted that both RSI and stochastic oscillator have been constantly converging, while MACD remaining in bearish territory shows bullish crossover along with these upswings which would mean ongoing bullish sentiments are likely to continue but with a pinch of salt.
While historically, RSI has shown faded strength in rallies at 48 levels but for now the leading indicator has been indicating the strength in the uptrend (monthly).
The same has been the case on stochastic curves, this oscillator has been indicating intensified buying sentiments on this timeframe.
Despite the recent weeks’ robust rallies, the current trend seems to be exhausted with no momentum that could resume the major downtrend as well.
Trade tips:
Contemplating above daily bullish sentiment, on trading perspective, it is advisable to buy tunnel spreads by snapping the rallies to deploy higher strikes (at around 147.430) in the binary puts while shorting lower strikes simultaneously (at around 146.590 levels).
Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 68 levels (which is bullish), while hourly JPY spot index was at shy above -67.4999 (bearish) at the time of articulating (at 07:15 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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