GBP/JPY Price Analysis: Bulls seeking a resistance structure target-zone, 138.70/139.70

GBP/JPY bulls taking on the next leg of the quest for the weekly structure to the upside.
A weaker dollar has helped the pound to find its feet despite a longer-term bearish outlook.

Ross J Burland FXStreet

Despite Brexit concerns, the pound has enjoyed a dose of dollar bearishness and UK investment in some 60 million vaccine doses headlines which have supported sentiment for sterling markets of late.

`Nevertheless, the technicals are stacking up for a bullish scenario on the below charts for which will be revealed in a top-down analysis in the cross as follows:

Monthly chart

The price has been rejected numerous times on the monthly structure and the monthly wick is a bullish scenario on lower time frames.

The weekly chart below shows that the price is travelling to a double top target area along a bullish trend line of supporting higher lows.

Daily chart

The bulls rallied through a resistance structure and now target break higher following a re-test of old resistance turns supporting structure.

The below chart how's that price was rejected at exactly a 61.8% Fib and the upside target is clearly defined by prior resistance looking left.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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