FX.co ★ ckerluke | GBP/JPY

Good day. Yesterday, GBP/JPY continued its upward movement, although a bearish trend was expected. However, the pair bounced off the trendline support and reached the upper boundary of the trend channel. Today, the bulls are trying to establish themselves above it, but it's too early to confirm this. On the hourly chart, the indicators are still pointing upwards, but the underlying indicators no longer support the bullish sentiment, and yesterday the pair closed above the upper Bollinger Band. There was a local increase today, but the pair still owes a move to the downside. Therefore, I expect a local decline within a retracement, but it's too early to talk about a major reversal to the south. On the four-hour chart, the indicators also support further upward movement, with the Bollinger Band widening, indicating the current upward impulse is not over yet. However, one of the underlying indicators has suddenly stopped supporting the bullish sentiment, suggesting a possibility of a decline, but only in the short term.