GBP/JPY: 4-hour
Looks like the trend is still Guppy’s friend! The rising trend line on the 4-hour chart of GBP/JPY is still intact, although it appears that price dipped a tad below the support area. The 173.50 minor psychological level and 61.8% Fib has held as a floor and price looks poised to test its previous highs. At the same time, stochastic is moving higher, indicating that bulls are in control of price action at the moment. Be careful once the oscillator turns down from the overbought zone though, as this might mean that GBP/JPY could have trouble sustaining its climb.
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