GBPJPY rose in the intraday levels as the pair tries to correct the main downward trend in the medium and short terms, which comes with ongoing positive support from the SMA50, while succeeding in breaching the important resistance of 157.86, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 164.09 to 151.63), with an influx of positive signals from relative power indicators.

Therefore we expect further correctional rises for the pair in the coming trading, targeting the resistance of 161.42, which represents the ratio 78.6% of the same retracement levels.

Trend Bullish