GBPJPY: Medium term action plan.

GBPJPY is trading on a bullish 1D channel resembling a Megaphone. The key characteristic is the Higher Low trend line that fuels that uptrend on the 1D chart (RSI = 52.950, MACD = 0.320, Highs/Lows = 0.0000).

With the 1D MA50 (blue line) also supporting for now, the trend is upwards and pull back buying towards the 148.000 1D Resistance. A bearish fractal however may emerge on the RSI (Triangle followed by drop) so attention is needed. If the Higher Low trend line breaks, the price will most likely test the 135.750 Support.




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