GBP/JPY remains on the front foot after clearing 21-DMA amid bullish MACD. 23.6% Fibonacci retracement, three and a half month long falling trend-line limit the upside. While a sustained break of 21-day simple moving average (DMA) portrays the GBP/JPY pair’s weakness amid bullish MACD signal, the quote still remains below key resistance-confluence while trading near 130.00 during early Wednesday morning in Asia. As a result, chances of the pair’s pullback to 21-DMA level of 129.20 can’t be denied. However, its further declines will be challenged by a two-week-old rising trend-line near 128.50. In a case where prices keep trading southwards past-128.50, monthly bottom close to 126.50 gains sellers’ attention. Should the bullish signal by the 12-bar moving average convergence and divergence (MACD) helps buyers to overcome 131.30/35 confluence, comprising 23.6% Fibonacci retracement of pair’s May-August downpour and a descending trend-line since early May, they can aim for July 30 high near 133.10 and July 17 bottom around 134.00 during further upside. GBP/JPY daily chart Trend: Pullback expected 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 Winklevoss twins talk about Wall Street and cryptocurrency FX Street 4 years GBP/JPY remains on the front foot after clearing 21-DMA amid bullish MACD. 23.6% Fibonacci retracement, three and a half month long falling trend-line limit the upside. While a sustained break of 21-day simple moving average (DMA) portrays the GBP/JPY pair's weakness amid bullish MACD signal, the quote still remains below key resistance-confluence while trading near 130.00 during early Wednesday morning in Asia. As a result, chances of the pair's pullback to 21-DMA level of 129.20 can't be denied. However, its further declines will be challenged by a two-week-old rising trend-line near 128.50. In a case where prices keep trading southwards… 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.
