GBPJPY leans on an ascending price channel's support - Technical Analysis - 03-02-2016
GBPJPY fell in the intraday levels in an attempt to garner positive momentum that would help it rise again, reaching thereafter the support of that ascending price channel that limited its previous short-term movements as shown in the attached chart, along with positive support of the SMA50, and a forming positive divergence in the Stochastic indicator as shown below the attached chart.
Therefore we expect the pair to bounce higher, as long as the support of 171.26 holds on, targeting thereafter the resistance of 174.20.
Trend
Bullish