GBP/JPY technicals: Getting ready for a big move higher
Have a look at the daily chart and see what you think of my analysis, remembering that I’m an incurable bull on this particular pair.
- Look back to January this year when we had a sharp 5-wave bull move which sets the scene:
- This was followed by a nasty 3-wave retracement back to 119.00 before stability returned:
- After sideways action, the bull trend recommenced from 120.80 to 128.80:
- This move has retraced approx. 38.2% to a previous high at 125.75:
- If a base can form here we will see the next leg of bull-move take this pair to 135+