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TIMEFRAME – W1

BIAS  – BULLISH

Since 08 August GBPJPY has been formed an ascending channel signalling an upward move.

Price closed above the fib level 0.38 02/04/18 signalling a bullish move. But we got a Pull back the following week with price closing below the fib level.  On the lower time frame price has reversed and we should see another decline in price by 100-200 pips by the close of this week.

Overall bias is still a bullish move to 157-158 area in 3-4 months.

With the interest rate coming up traders are still optimistic for a hike. Backing our claim for the rally to 157 area.