Trade of the Day: GBP/JPY
By: Dima Chernovolov
GBP/JPY recently broke the key resistance level 153.00 which was previously identified by Autochartist. Autochartist rates the Significance of this resistance level at the 3-bar level – which is the result of the three previous price reversals from this price level. GBP/JPY is expected to continue to rise toward the forecast price 153.56.
As can be seen from the daily GBP/JPY chart below – the price earlier reversed up from the support zone located between the strong support level 151.00, lower daily Bollinger Band and the support trendline of the daily down channel from February. The proximity of this support zone adds to the probability GBP/JPY will continue to rise toward the forecast price 153.56.