Luis ForexMart
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GBP/JPY Technical Analysis: May 2, 2017
The British pound against the Japanese yen continues to ascend higher with the risk sentiment moving stronger. The trend moves in an upward direction towards the next target of 145 handle and higher. These figures are significant that moves with a bearish pressure, as the market retest it expecting the price to reverse and buyers waiting in the lower channel unsurprisingly. It may not be favorable to sell this pair since buyers could return in the market anytime to dominate the market. Hence, price reversals could indicate buying opportunities.
The market broke higher than the 145 level gives a positive indication reaching the 150 level for a long term. Although, traders should be cautious of the sensitivity of the pair and high fluctuation that makes long-term trades to be more practical but with higher returns if you think about it especially in a longer duration. The 143 level resides to be a massive support and a reversal that is very advantageous to pose bigger orders. A break higher than the 145 handle is much awaited which would signal a momentum in the pair.
The British pound against the Japanese yen continues to ascend higher with the risk sentiment moving stronger. The trend moves in an upward direction towards the next target of 145 handle and higher. These figures are significant that moves with a bearish pressure, as the market retest it expecting the price to reverse and buyers waiting in the lower channel unsurprisingly. It may not be favorable to sell this pair since buyers could return in the market anytime to dominate the market. Hence, price reversals could indicate buying opportunities.
The market broke higher than the 145 level gives a positive indication reaching the 150 level for a long term. Although, traders should be cautious of the sensitivity of the pair and high fluctuation that makes long-term trades to be more practical but with higher returns if you think about it especially in a longer duration. The 143 level resides to be a massive support and a reversal that is very advantageous to pose bigger orders. A break higher than the 145 handle is much awaited which would signal a momentum in the pair.