The better part of last week saw the GBPJPY being on a downtrend with price maintaining a position under the 30 and the 50 hourly MA lines. Monday and yesterday saw a bullish price cross over and now the upside seems to be gaining momentum. The RSI also has a very positive signal line above 50 and with clear support zones as outlined by the red trend line.
Best trade recommendations for this pair will be long positions targeting 146.262 and 147.230 in advance. Close attention should be paid to the RSI signal line and trend line. The signal line should ideally remain above the trend line for us to be confident in the long position. A movement of the signal line below the trend line could point at the downward trend resuming. In which case short positions should come into play.
The pair seems to have broken a previous uptrend and judging by price behavior, the broken support zone seems to now be acting as a resistance. The market opened today below the pivot price which is at 0.9660. Technical indicators including the RSI and the 50 MA are also bearish in their signals.
Best trade recommendation would be short positions targeting 0.9615 and 0.9600. Stop loss can be placed just above the pivot price. Any occurrence of price moving above the pivot price would mean long positions can instead be considered with targets around 0.9675 and 0.9700.
The pair opened today high above the pivot point which is at 112.8. In the early hours it pulled back towards the support of a rising trend line. Price has bounced back upwards at the point where the pivot price coincides with the support line. Technical indicators are positive on further bullish movement.
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The pair is building some good momentum which started from before last weekend and seems to be continuing. An open above pivot price which is at 0.9580 and positive indications from technical indicators including the RSI and the 50 hourly MA, gives a thumbs up to the likelihood of further upward movement.
Best trade recommendations for the pair would be long positions targeting 0.9615 and 0.9630 in advance. Stop losses for the long position should be placed just below the pivot line. In the event that price reverses and moves below the pivot point, short positions can be considered with targets around 0.9565 and also 0.9550.