We talked yesterday in our tracking analysis, the pair GBP / JPY evolved in a symmetrical triangle (black lines) medium term. Yesterday, the course has made a top out of reach extension resistance at 153 points. Break of 152 validated the reversal of medium term uptrend. Currently, the course seems to lead to a pullback on the major support at 152. In the short term, the course may found support on a bullish slant (blue dotted line) gravitating towards 151.50/152 points.
We continue to advise long positions (buying) as 152 is support. Break of 153 will give a new buy signal and open the way to 154 points.
In case of return below 152, we advise you to stay flat (neutral) between this level and 151.
ps: Traders with a more aggressive strategy can treat the pair according to 152
- Long over
- Short below
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