GBP/JPY bulls taking on the next leg of the quest for the weekly structure to the upside. A weaker dollar has helped the pound to find its feet despite a longer-term bearish outlook. Despite Brexit concerns, the pound has enjoyed a dose of dollar bearishness and UK investment in some 60 million vaccine doses headlines which have supported sentiment for sterling markets of late. `Nevertheless, the technicals are stacking up for a bullish scenario on the below charts for which will be revealed in a top-down analysis in the cross as follows: Monthly chart The price has been rejected numerous times on the monthly structure and the monthly wick is a bullish scenario on lower time frames. The weekly chart below shows that the price is travelling to a double top target area along a bullish trend line of supporting higher lows. Daily chart The bulls rallied through a resistance structure and now target break higher following a re-test of old resistance turns supporting structure. The below chart how’s that price was rejected at exactly a 61.8% Fib and the upside target is clearly defined by prior resistance looking left. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US 10-year real yield slips to fresh record low of -0.95% FX Street 3 years GBP/JPY bulls taking on the next leg of the quest for the weekly structure to the upside. A weaker dollar has helped the pound to find its feet despite a longer-term bearish outlook. Despite Brexit concerns, the pound has enjoyed a dose of dollar bearishness and UK investment in some 60 million vaccine doses headlines which have supported sentiment for sterling markets of late. `Nevertheless, the technicals are stacking up for a bullish scenario on the below charts for which will be revealed in a top-down analysis in the cross as follows: Monthly chart The price has been rejected numerous… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
