GBP/JPY - Poised for a rally
Daily/Weekly chart
· The pair finally closed above 128.03 (23.6% Fibo of Sept high and Oct low) after having repeated failed to do so last month. Also note the bullish 5-DMA and 10-DMA crossover.
· On the weekly chart, we have a bullish price RSI divergence. Consequently, the cross looks poised for a rise to 130.10 (38.2% Fibo).
· On the other hand, only a daily close below 127.19 (previous day’s low) would signal bullish invalidation.
· The pair finally closed above 128.03 (23.6% Fibo of Sept high and Oct low) after having repeated failed to do so last month. Also note the bullish 5-DMA and 10-DMA crossover.
· On the weekly chart, we have a bullish price RSI divergence. Consequently, the cross looks poised for a rise to 130.10 (38.2% Fibo).
· On the other hand, only a daily close below 127.19 (previous day’s low) would signal bullish invalidation.
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