GBPJPY Crosses Minor Resistance
Solid ECN – The GBPJPY currency pair has crossed above the 189.5 minor resistance in the 4-hour chart and is currently testing the broken resistance. The GBPJPY chart above shows that the bulls have successfully stabilized the price above the 23.6% Fibonacci support. Furthermore, the technical indicators are supporting the current bullish trend. The RSI indicator hovers above 50, while the AO (Awesome Oscillator) bars are green and positioned above the signal line.
From a technical standpoint, as long as the GBPJPY trades above the ascending trendline, depicted in blue, the trend will remain bullish and likely aim to break the 190.0 ceilings.
On the flip side, if the price falls and stabilizes below the 23.6% Fibonacci support, the decline from February 12 from the 190.0 mark would extend to the 38.2% Fibonacci retracement level, followed by the 50% level.