Why I keep a bullish bias on GJ

[stephane]

This monthly chart explains why I am keeping a bullish bias on GJ.

It looks like the pair is restesting –and rejecting- monthly SMA200 broken resistance. I think it stands a good chance of going back up to retest that 50 fib resistance around 184. All the more as GU is quite low and has ground to rise, too.

Remember however that this is a monthly chart. The move does not have to happen today !

 

[NicholasM]

At the moment, I think we have much room going up rather than down and from a fundamental perspective, the GBP shouldn't find it hard to gain more against the JPY in the coming weeks. Also the pair appears to be moving from a region of consolidation after spending considerable time on the sideways. It now appears to have established a bullish trend, which I believe could continue to the near future. For me GBP/JPY is a solid buy at the moment.