FX.co ★ ckerluke | GBP/JPY

GBP/JPY. Good afternoon. Yesterday GBP/JPY tried to develop both a bullish and a bearish mood, but the pair closed the day almost at the opening level. And today the bears have taken up the case more actively and are trying to seize the initiative. As a result, on the hourly chart the indicators have drawn a sell signal, but it has not yet been activated here. At the same time, the Bollinger channel has started to widen, which indicates the likelihood of the current downward impulse. Based on this, we can activate the signal with an approximate short-term target at 216.40–50. On the four-hour chart the indicators are still looking north, but the pair has now approached a test of the middle Bollinger band from above. And here, depending on whether it breaks through or bounces off, the further sentiment will be shown more clearly. Bearish divergences on the lower indicators hint at the option of a breakout and decline, but in any case it is worth waiting for the result of the test.