Technical analysis of GBPJPY dated 26.04.2016

Today there is no economic data in Japan to affect GBPJPY but GBP has gained momentum after Obama’s speech. Despite the early fall this morning, GBPJPY is moving in bullish bias climbing the ascendant channel. The pair is finding support at 160.290 with resistance at 161.670 which both lines are above the weekly pivot point at 158.230. The EMA of 10 is located above the EMA of 50 suggesting the price growth over the last recent days. The MACD indicator is in positive territory showing the bullish trend continuation and the RSI is above the 50 level confirming this scenario as well. The ADX is also showing stronger buyers than sellers. Long positions are recommended with the target at 162.55

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