GBP/JPY Approaches the 184.00 Target

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GBP/JPY Approaches the 184.00 Target

The GBP/JPY is rallying sharply. Let’s take a look at its charts to assess the current technical development.

After putting in a price bottom, GBP/JPY price rebounded and broke above 180 last week. This week, price retreated but respected the price bottom. The technical conditions based on price action and the RSI show a bullish reversal, while the moving averages have not caught up yet.

As price approaches 184, traders will see a falling trendline coming down from the 2014-high at 189.70. We should expect resistance here. However, if the market holds the pair above 180, the 184 resistance will become more vulnerable. A break above 184 could open up the 189.70 high.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.