GBP/JPY has risen more than 100 pips from session lows seen in early Asia. The outlook would turn bullish above the high of Friday’s bearish inside bar candlestick pattern. GBP/JPY is currently trading at 129.11, having hit a low of 128.18 earlier today. The pair hit a session high of 129.23 a few minutes before press time. The pair’s bounce from session lows could be associated with the recovery in the S&P 500 futures from 2,811.50 to 2,834.88 seen in the last hour or so. GBP/JPY’s outlook, however, will remain bearish as long as it is held below Friday’s high of 130.56. Bearish inside bar The pair fell 0.73% on Friday to create a bearish inside bar candlestick pattern, which occurs when a specific period’s price action is engulfing by the preceding period’s high and low. Friday’s bearish inside bar signaled a continuation of the sell-off from the July 25 high of 135.67 and opened the doors for a retest of the Aug. 12 low of 126.54. Hence, a close above that candlestick’s high of 130.56 is needed to invalidate the bearish setup and confirm a bull reversal. Daily chart Trend: Bullish above Friday’s high Pivot points 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 WTI technical analysis: Oversold RSI conditions favor recovery from 23.6% Fibo. FX Street 4 years GBP/JPY has risen more than 100 pips from session lows seen in early Asia. The outlook would turn bullish above the high of Friday's bearish inside bar candlestick pattern. GBP/JPY is currently trading at 129.11, having hit a low of 128.18 earlier today. The pair hit a session high of 129.23 a few minutes before press time. The pair's bounce from session lows could be associated with the recovery in the S&P 500 futures from 2,811.50 to 2,834.88 seen in the last hour or so. GBP/JPY's outlook, however, will remain bearish as long as it is held below Friday's high… 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.
