- GBP/JPY Price Analysis: Bulls and bears butt heads front side of trend
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30 May 2023
GBP/JPY Price Analysis: Bulls and bears butt heads front side of trend
- GBP/JPY bulls need to commit to trendline support.
- Bears will be in the market on a break of 173.00.
GBP/JPY is testing fresh bull cycle highs near 174.00 but this may be the highs. We are completing the initial balance for the week and there is length in the market that could attract the bears. The following will illustrate both sides of the story.
GBP/JPY daily charts
The price is bullish above trendline support and could move higher but could just as easily head lower on a break of the trendline support.
GBP/JPY H4 chart
GBP/JPY is on the front side of the trend but the price could break the support structure and thus flip the focus on the backside.
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