theforexportal

GBPJPY poised for a move higher?

Long
FX:GBPJPY   British Pound / Japanese Yen
136.65 has held up G/J BEARS and the falling trendline shown (red) is holding up the BULLS.
On the Daily TF TDI (not shown) the price is becoming increasingly squeezed with just 14 points covering the volatility bands and the RSI , Market line and Signal line all held within this tight range.
The RSI on the DTF is headed up indicating a general BULLISH look but the 200sma lies at 137.35 just 31 pips above the current price.
Should price take out this level and hold above it on the H1 time frame this could signal a more decisive move north and a break of the squeeze north. If this happens a move up to next significant resistance at 139 area is possible

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