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Title
GBPJPY Potential for bullish rise towards overlap resistance
Type
Bullish Bounce
Preference:
Looking at the H4 chart, my overall bias for GBPJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market.
Expecting price to retest the pivot which is the overlap support before heading towards the overlap resistance.
It's worthy to note that there is an intermediate resistance level where price might struggle to break through.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.