GBPJPY's Pullback Now Over
The price action of the GBPJPY is developing a broad downtrend, which was temporarily suspended following the emergence of a bullish pullback from the 61.8 per cent Fibonacci retracement level. This pullback now looks completed as the price evidently reversed from the 38.2 per cent Fibonacci.
This assertion is further substantiated by the fact that the underlying bullish momentum has been waning over the last several hours, as depicted by the MACD indicator.
This assertion is further substantiated by the fact that the underlying bullish momentum has been waning over the last several hours, as depicted by the MACD indicator.
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