GBPJPY – Daily Forex Technicals by ForexHound.com May 23rd

GBPJPY appears to have established a significant low, and it broke above an important downsloping trendline and has already retested the 200 round number. Now, as seen in the chart below, the pair is trading inside a bullish channel and has bounced twice from the lower trendline. GBPJPY appears to have established a significant low, and it broke above an important downsloping trendline and has already retested the 200 round number. Now, as seen in the chart below, the pair is trading inside a bullish channel and has bounced twice from the lower trendline. A continuation of yesterdays move will push the pair above the upper side of the channel and will open up the the 209.50/210 area as a main bullish target, also a place where we have seen strong resistance. Conversely a failure to break to the upside will put additional pressure on the bearish side and give shorts a good opportunity to open new trades.

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