BabyPips.com FX-Men Team
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GBP/JPY: 4-hour
If you’d rather go with the flow and follow trends, then this rising channel setup on GBP/JPY’s 4-hour forex chart might be better for you. The pair has been gradually trending higher and is currently testing the channel support at the 186.00 major psychological level. This lines up with the longer-term 200 SMA, which has held as a dynamic support area in the past. At the same time, stochastic is already in the oversold region, showing that the recent selloff is overdone and that buyers might take over. In that case, GBP/JPY could climb back to the channel resistance at the 189.00 mark or at least until the middle at 187.50 to 188.00. The 100 SMA is above the 200 SMA anyway so the uptrend might be able to carry on.
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