GBP/JPY bulls breach above 23.6% Fib.Ret, more rallies on cards
GBP/JPY bulls breach above 23.6% Fib.Ret, more rallies on cards as short-term trend backed by both momentum and trend oscillators:
Although GBPJPY halted bull swings today at 143.545 levels, after bullish engulfing pattern, upswings breached above channel resistance despite shooting star, rallies likely to extend upon confirmation from both leading & lagging indicators.
From last two weeks’ upswings so far have taken the pair beyond 21DMA levels, we foresee northwards journey upto next stiff resistance at 145.546 levels.
Please be noted that stochastic oscillator has entered into overbought trajectory but no traces of bearish crossover which means ongoing bullish sentiments are likely to continue but with a pinch of salt. While historically, RSI has shown faded strength in rallies at 58 levels but the leading indicator has also entered into overbought zone.
Well on a broader perspective, shooting star at 144.328 levels on monthly plotting restrain rallies below 7EMAs, Shooting star on rallies resumes major downtrend, but bullish engulfing counters to break above 23.6% Fibonacci retracement levels, consequently, we foresee more rallies upto 150 levels (i.e. 21EMA & 38.2% Fibos).
Buying momentum is intensified on this timeframe as well as the leading oscillators are converging upwards.
Monthly RSI (14) is trending above 45 levels that signal the strength in buying interests, any shrink indicated by this indicator should be deemed as a caution for the aggressive bulls.
The same has been the case on stochastic curves, this oscillator has been indicating intensified buying sentiments.
We are not isolating this signal; with the boosted buying momentum confirmed by both leading oscillators, the current prices remain well above 7EMA on monthly terms.
Despite the recent weeks’ robust rallies, the major downtrend still appears to be intact. We anchor this bullish stance is only for the short-to-medium terms basis, wait for a better clarity in long-term investments.
MACD, on the other hand, signals indecisiveness on monthly terms but signaled the extension of the bullish trend on daily charts.
Trade tips:
Contemplating above daily bullish sentiment, on trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 144.140 and lower strikes at 142.490 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration.
Although GBPJPY halted bull swings today at 143.545 levels, after bullish engulfing pattern, upswings breached above channel resistance despite shooting star, rallies likely to extend upon confirmation from both leading & lagging indicators.
From last two weeks’ upswings so far have taken the pair beyond 21DMA levels, we foresee northwards journey upto next stiff resistance at 145.546 levels.
Please be noted that stochastic oscillator has entered into overbought trajectory but no traces of bearish crossover which means ongoing bullish sentiments are likely to continue but with a pinch of salt. While historically, RSI has shown faded strength in rallies at 58 levels but the leading indicator has also entered into overbought zone.
Well on a broader perspective, shooting star at 144.328 levels on monthly plotting restrain rallies below 7EMAs, Shooting star on rallies resumes major downtrend, but bullish engulfing counters to break above 23.6% Fibonacci retracement levels, consequently, we foresee more rallies upto 150 levels (i.e. 21EMA & 38.2% Fibos).
Buying momentum is intensified on this timeframe as well as the leading oscillators are converging upwards.
Monthly RSI (14) is trending above 45 levels that signal the strength in buying interests, any shrink indicated by this indicator should be deemed as a caution for the aggressive bulls.
The same has been the case on stochastic curves, this oscillator has been indicating intensified buying sentiments.
We are not isolating this signal; with the boosted buying momentum confirmed by both leading oscillators, the current prices remain well above 7EMA on monthly terms.
Despite the recent weeks’ robust rallies, the major downtrend still appears to be intact. We anchor this bullish stance is only for the short-to-medium terms basis, wait for a better clarity in long-term investments.
MACD, on the other hand, signals indecisiveness on monthly terms but signaled the extension of the bullish trend on daily charts.
Trade tips:
Contemplating above daily bullish sentiment, on trading perspective, it is advisable to buy boundary binaries on dips upper strikes at 144.140 and lower strikes at 142.490 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains within these strikes on or before the binary expiry duration.
