GBPJPY- Upward Move Could Continue
AvaTrade | Oct 11, 2013 09:52AM ET
The GBP/JPY pair is trading above the upward trend line on a 4 hour time frame. The volatility for the pair is high as it has pierced the Bollinger band and it is also trading well above its 20 day moving average.
The piercing of the Bollinger band does have a significant importance which this takes place at an important level of support or resistance zone as this has a tendency to reverse the trend or the pause the move in the short term. However, as the price is still far enough from its meaningful resistance zone, so we may just see a little pause in the price action before it starts moving back towards the upside.
The RSI is trading in-line with the price action which means that the bias could be to the upside.
Important Zone
154.81-154.16 Support
160.05-159.20 Resistance
by Naeem Aslam
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