FX.co ★ ckerluke | GBP/JPY

Hello traders. GBP/JPY. Pound/yen continues its march to the north, the bulls show no signs of calming down. At the same time, the pair has come close to previous highs, and it's not certain that we will see a rejection and a decline. However, for now, I am just observing from the sidelines as there is no clear signal to open short positions based on the technical analysis alone. On the hourly chart, indicators are fully supporting further movement to the upside, with the Bollinger Band still expanding, indicating the ongoing upward momentum. Yet, the lower indicators are hinting at bearish divergences, suggesting a possible reversal, with a chance to test the support zone around 213.20-30 from above. On the 4-hour chart, indicators also favor continued upward movement, but one of the lower indicators does not align with the bullish sentiment, and the Bollinger Band suggests a potential correction to test its upper middle line. In other words, a reversal is not on the table, but a pullback scenario is quite likely.