GBPJPY recently reversed up from the key support level 154.54 (former resistance level from May) – intersecting with the 20-day moving average. The middle of the Bollinger Bands is traditionally used for quant funds to add to impulse aligned longs. The pair is demonstrating the strongest and the longest-lasting upward impulse – which started at the end of 2020 – have not touched lower Bollinger Band for a whopping 118 trading sessions. GBPJPY is likely to test the next resistance level 156.07 (intersecting with the upper daily Bollinger Band) – ahead of the powerful resistance level 156.6 (yearly high from 2018) – from where quite a few quant funds will be tempted to take profits.
The pair is also helped up by the rising intraday sterling bullishness seen today.
The pair is also helped up by the rising intraday sterling bullishness seen today.