GBP/JPY is testing a critical area of resistance across the time-frames. A break of resistance opens prospects to test deeper supply. GBP/JPY has run-up in a strong impulse to test the resistance of the daily M-formation and the following is a top-down analysis that arrives at a bullish bias across the time frames. Monthly chart The monthly chart shows that the price is testing the resistance and would be expected to continue deeper into the supply zone following the correction of the bullish recovery. Weekly chart Bulls have moved off the support in a strong rejection which could see the resistance give. However, if there is a correction, another test of the 38.2% Fibonacci would be in order. Daily chart The price has run to the resistance of the M-formation’s neckline in a strong rejection from the lows. The resistance would be expected to give way to such momentum. 4-hour chart The 4-hourly chart is bullish with the price above the 20 moving average and MACD above zero. The market is also trading above resistance which is now expected to act as support on a retest, 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 NZD/USD Price Analysis: Defends 0.71 despite a head-and-shoulders breakdown FX Street 2 years GBP/JPY is testing a critical area of resistance across the time-frames. A break of resistance opens prospects to test deeper supply. GBP/JPY has run-up in a strong impulse to test the resistance of the daily M-formation and the following is a top-down analysis that arrives at a bullish bias across the time frames. Monthly chart The monthly chart shows that the price is testing the resistance and would be expected to continue deeper into the supply zone following the correction of the bullish recovery. Weekly chart Bulls have moved off the support in a strong rejection which could see the… 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.
