GBPJPY Supported by the 1D MA50.

The GBPJPY pair has been trading within a Channel Up since late May 2023. Recently it has been rising on a shorter term Channel Up (dotted) supported by the 1D MA50 (blue trend-line). As long as it does, we have to stay bullish short-term, targeting the top of the Channel at 195.000.

Since however the blue Channel Up has already completed a symmetrical Higher High leg at +8.24% (similar to the August 22 2023 Higher High), we face a technical necessity for a strong pull-back. We are willing to take this sell only if the pair closes a 1D candle below the 1D MA50. When it does, we will take the loss on the buy and short towards the 1D MA200 (orange trend-line), targeting 186.500.


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