GBP/JPY testing the long-term trendline – Varengold

FXStreet (Barcelona) - The Varengold Bank Research Team uses 4H charts to give the technical outlook and key levels for GBP/JPY.

Key Quotes

“The GBPJPY is in a very interesting point, moving above the 200 day moving average and testing the long-term trendline, coinciding with the 38.2% of move down from February 27th pretty bullish and should continue jumping, with two clear resistances above, 179.30, and 179.90, coinciding with the 50% of the mentioned move down.”

“Below the current level, the 177.25 should work as the closest support in case of failing break.”