GBP/JPY decline was countered with a bullish engulfing

GBP/JPY weekly came across the bullish engulfing pattern scan on FXStreet's Algo Rythms.

The technical picture shows the MACD oscillator fluctuating below its median line and printing higher lows, a sign that downward momentum is dwindling. This condition may ultimately lead to a classical bullish divergence.

Equally significant in its bullish implications is the close above the weekly pivot point. Failure to quote above this level during the next days would undermine the pattern.