4 Aug 2015
GBP/JPY to recapture critical juncture
Recent upward moves led to a cross between the 100 and 200 SMA on the 4H GBP/JPY charts.
A recent bounce in the GBP/JPY price structure might contribute to a consensus of technical levels, especially when the recent lows are at a relative narrow distance from the price level where the so-called “Golden Cross” occurred. At a distance slightly shorter than a daily ATR, the 200 SMA could exhibit some attraction to the price. The bullish outlook should be dismissed by a close beyond the 200 SMA.
A recent bounce in the GBP/JPY price structure might contribute to a consensus of technical levels, especially when the recent lows are at a relative narrow distance from the price level where the so-called “Golden Cross” occurred. At a distance slightly shorter than a daily ATR, the 200 SMA could exhibit some attraction to the price. The bullish outlook should be dismissed by a close beyond the 200 SMA.