FX.co ★ ckerluke | GBP/JPY

Hello traders. GBP/JPY. Pound/yen continues to move north today, the pair has finally broken through the resistance zone, although it's still too early to talk about a confirmed breakout. However, selling pressure remains highly questionable, despite some hints indicating otherwise. On the hourly chart, indicators keep pointing upwards, with the Bollinger Band still expanding, suggesting the current upward momentum is not yet exhausted. Yet, one of the sub-indicators is no longer bullish, while another is trying to show a bearish divergence. Therefore, in the short term, a decline towards around 212.70-80 is quite possible. On the four-hour chart, indicators also support further upward movement, but one of the sub-indicators hints at a bearish reversal, and the Bollinger Band continues to suggest a correction towards its upper middle band. Hence, in the short run, a slight decrease is likely, and then it will be seen whether the bears can take control of the situation.