GBP/JPY(4H) points to renewed upside
GBP/JPY forms a double bottom near 218.00. Break below 218.80 targets 219.59. Risk: Drop below 218.10 may cause negative reversal.
XM Group
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50 days ago
Overview: GBP/JPY may be gearing up for a fresh bullish leg after buyers stepped in to halt the latest correction from the nine-year high of 219.59. The pair carved out a double-bottom formation near the 218.00 support area and successfully defended the July 9 high, increasing the chances of another attack on the recent peak.
Momentum: The RSI and the stochastic oscillator are maintaining a positive slope in bullish territory, suggesting that the recovery could extend further.
Bullish scenario: A decisive close above 218.80 could give the green light for a rally towards the 219.59 peak. A successful penetration higher could then pave the way for the resistance area around 220.65.
Risk: A pullback below the ascending trendline at 218.10 could trigger a bearish trend reversal.
XM Group
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