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

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  • 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. 

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

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

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.

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

Daily chart

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

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.

 

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

 

Reprinted from FXStreet.com,the copyright all reserved by the original author.

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