20EMA supporting further rise in GBPJPY
Note how the 20EMA contained price below it as price during mid Feb - Mar this year. It has now crossed over and acts as a dynamic support.
The pair is at a significant s/r level, has just retested it as well and IMO is ready to continue its journey to the upside. I believe that Boris Johnson's ongoing recovery from Covid-19 will also support the GBP.
For targets, I am looking at 141.00 and 144.55 area. The zone between these levels was a consolidation area during mid Dec-Feb that led to the previous bearish move. I expect price to get to this zone again.
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The pair is at a significant s/r level, has just retested it as well and IMO is ready to continue its journey to the upside. I believe that Boris Johnson's ongoing recovery from Covid-19 will also support the GBP.
For targets, I am looking at 141.00 and 144.55 area. The zone between these levels was a consolidation area during mid Dec-Feb that led to the previous bearish move. I expect price to get to this zone again.
If you like this analysis, please give it a thumbs up.
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