The 12 day sell of of the british pound vs the japanese yen looks to be over! The clear divergence on the 4hr chart and the one day chart, has gained interest from the bulls. The chart has been consistently making lower lows while the RSI has been making higher lows. The divergence signals sellers exhaustion,and the 135.500 level is a significant demand Zone which has provided strong support over the years. In the trading week to come the Bulls will target the 136.000 area, after that they will look to charge towards the next area of resistance at the 136.500 level and then a push to the 137.00 level.
Analysis By: Black Gold Capital Partner Ryan Andrews.