GBPJPY moves within ascending channel – Technical Analysis – 10-11-2015

The GBPJPY pair moves within ascending channel on the intraday and short term basis, supported by the positive moving average 50, while it leaned recently on the mentioned channel’s support, which allowed it to gather positive momentum that assisted the price to rise and recover the main bullish trend, settling above the critical support 186.05, besides the relative strength indexes reach to the oversold areas.

Therefore, we expect the pair to rise in the coming trading as long as the price is inside the ascending channel, targeting 187.32 key resistance.