BabyPips.com FX-Men Team
BabyPips.com
GBP/JPY: Daily
Is it time for pound bulls to get back in the game? Guppy is currently testing the bottom of its long-term rising channel on the daily forex time frame, with stochastic suggesting that a bounce is in order. The 100 SMA is also above the longer-term 200 SMA, confirming that the path of least resistance is to the upside and that the climb might resume soon. If so, price could head back to the top of the channel past the 200.00 handle or at least until the middle of the channel near 195.00. On the other hand, a break below the channel support could indicate that a longer-term downtrend is underway. If you think the trend is your friend and you’re hoping catch the uptrend, don’t forget to set your stop below the previous lows near 180.50.
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