Technical analysis by AMEGA - Opinion
Fundamental analysis: short-term trend for GBPJPY from May 8 is bullish. Note that the currency pair has reached the psychologically important resistance level of 150.000. Important economic news on the UK and Japan is not expected today.
Technical analysis: the long-term bearish trend that began in summer 2007 has not yet turned around reliably. The medium-term trend is bullish since August 2017. On the H1 chart, the Alligator's fall is open up, confirming the short-term bullish trend. It should also be noted that the price "rests" on the top edge of the screen, it seems (but is not) too high. It is more likely that the bullish trend will continue, the desire to play down in such a situation is often a trap.
Trading recommendations: we follow the bullish trend with the nearest targets around 150.500. Long positions are above 150.000, cancellation of this scenario and transition to short positions are below the two-day low at 148.165.
Sincerely, Sergey Ryazantsev - financial analyst of brokerage company AMEGA
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It’s recommended to try to have a long position near the control resistance zone 1.32392-1.32287 (111 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.