FX.co ★ ckerluke | GBP/JPY

GBP/JPY continued its uptrend today and what a gorgeous move up it was, I’d even say it was perfect, you can’t get a better spike. Ideal by all criteria. First, the impulse candle itself on the H1 chart formed beautifully: large, practically without wicks, clearly defined. Second, with this candle we confidently broke the previous high right away, and then no less confidently settled above it. This now makes any real crash or even a major correction almost impossible. Only specific fundamental data for a decline is needed, there’s no way without it. Overall, they didn’t really let it pull back even in the evening, we only got a consolidation and that’s it. You can’t consider it the start or a harbinger of a good drop, and there simply aren’t any major levels from which we could form a real rebound. But of course, buying at current levels is utopian or at least a risky idea. It’s a different story to open from 217.40, that’s a more or less decent spot at the MA. Targets at 217.90.