GBP/JPY has been showing signs of bullish momentum recently, approaching a key resistance level that could potentially trigger a breakout. The currency pair has formed several strong wicks in the past few days, indicating that there is strong buying pressure at lower levels.
Furthermore, the MACD indicator has crossed above the signal line, suggesting that the uptrend is gaining strength. The RSI indicator is also in the overbought territory, which further supports the bullish bias.
If GBP/JPY manages to break above the key resistance level, we could see a strong continuation of the uptrend, potentially targeting the next resistance level at . Traders who are looking to enter a long position may consider waiting for a confirmed breakout above the resistance level, and placing a stop loss below the recent swing low for risk management purposes.
Overall, the technical indicators are signaling a potential bullish move for GBP/JPY, and traders should keep a close eye on the currency pair in the coming days.
Furthermore, the MACD indicator has crossed above the signal line, suggesting that the uptrend is gaining strength. The RSI indicator is also in the overbought territory, which further supports the bullish bias.
If GBP/JPY manages to break above the key resistance level, we could see a strong continuation of the uptrend, potentially targeting the next resistance level at . Traders who are looking to enter a long position may consider waiting for a confirmed breakout above the resistance level, and placing a stop loss below the recent swing low for risk management purposes.
Overall, the technical indicators are signaling a potential bullish move for GBP/JPY, and traders should keep a close eye on the currency pair in the coming days.