GBPJPY Long-term buy opportunity

The GBPJPY pair has been trading on a long-term Fibonacci Channel pattern as we outlined in our last analysis two months ago. Since May 12, the price is on a strong rebound having hit the 1D RSI Buy Zone. With the prior top resembling those of August 2020 and March 2021, the pair is more likely to extend this rise either instantly or less aggressively, as long as the 1D MA50 (blue trend-line) is supporting.

In either case, the Target should be at least the 2.0 Fibonacci extension of the Channel or at least when the 1D RSI enters its Sell Zone.


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