Technical analysis of GBPJPYdated 26.05.2016

GBPJPY has been moving with bullish bias since 6th of May and it seems that this pair is going to continue its rally up the ascendant channel within the Andrews’ pitchfork. However after hitting the previous high at 162.492 there might be pullbacks at any time soon. The support lies at 160.43 with resistance at 162.320 which both lines are above the weekly pivot point at 158.82. The EMA of 10 is located above the EMA 75 showing the recent price growth. All indicators are signaling buy opportunity; the MACD is in positive territory, the RSI is above the 50 level and the ADX is showing stronger buyers than sellers. The resistance level breakout will smooth the way for further growth. At the moment, long positions are recommended with the target at 162.55.

https://fxglory.com/technical-analysis-of-gbpjpydated-26-05-2016/