GBP/JPY, Technical Analysis – H4
GBP/JPY has preserved its upward structure and bullish momentum after a prolonged downward correction lasting over 200 hours.
The pair, having endured a rather prolonged downward correction (over 200 hours), has nevertheless preserved both its upward structure and bullish momentum. Given the test of the medium-term trend line, a resumption of the upward move toward new highs (the 220.00 area) can be expected.
Key Levels:
□ 219.00
□ 220.00
Primary Scenario:
Rise toward 219.00, with a target at 220.00.
Alternative Scenario:
Continued consolidation at current levels.
Analyst Commentary:
First signs of a bounce are already being observed.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.