GBP/JPY Price Analysis: Bulls Eye 167.30

 

GBP/JPY reverses the previous day’s drop from a one-week high. A persistent rebound off the 21-SMA and bullish MACD indications favour buyers.

Upward movements are opposed by a downward trend line that is five weeks old and 200-SMA. In the lead-up to Wednesday’s London opening, the pair receives more offers and prints modest gains around 166.65. The cross-currency pair then reverses the previous day’s losses from the one-week high by bouncing off the 21-SMA.

To maintain the optimism of the GBP/JPY purchasers, the recovery movements also draw cues from the positive MACD indications.

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