GBP/JPY:Rounding bottom pattern is in process of formation

July 17 , 2018

 

As we have mentioned in our previous report that bulls are controlling the game and taken the charge so just buy this pair and I hope traders have taken benefit of this fabulous opportunity. Well pair is making successively higher highs and higher lows on daily basis and heading towards north side. Presently pair is trading and sustaining above the moving average lines and providing us further bullish signal.

 

From technical point of view we can see that rounding bottom pattern has been formed on daily technical chart and we are expecting that it will test the 153 level at least. The way bulls are reacting and price pattern has formed on the chart we are pretty sure that pair will arrive towards north side and will complete the journey till 153 level in near term. However, some correction can’t be ruled out but that should take as buying opportunity for those who have missed earlier.

 

 

 

In all the pair where JPY is the base currency have become the too volatile as pair is heading towards upside due to JPY. Well Odds are in favor of bulls and intraday bias remains bullish on pair as long as 145 levels remain intact. A bullish crossover on MACD indicator is favoring the bulls and providing bullish signal for the time being and RSI is also providing bullish signal from above 50 territory. The 145.00 level is immediate resistance level followed by 143.00 whereas 147.50 level is strong key support level followed by 149.00 level.

 

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