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GBP/JPY intermediate bulls test support at wedge baseline : FxWirepro | April 2, 2018



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Chart and candlestick patterns occurred: Hammer and bullish engulfing patterns in minor trend evidence considerable rallies through uptrend line (refer daily chart ).



While the intermediate trend has been spiking through rising wedge pattern which is bullish in nature, for now, the bulls have tested the strong support at wedge baseline. Consequently, the rallies are extended on the decisive break-out above stiff resistance at 147.947 levels.



Hammer occurred at 145.831 levels and bullish engulfing pattern has occurred at 147.065 and 149.939 levels yesterday that take off rallies well above DMAs but restrained below the stiff resistance at 150.420 levels, countering these bearish swings today’s rallies have tested support at 148.887 levels, consequently, the upswings attempt to bounce above 7DMA to head towards stiff resistance at 150.420 levels yet again.



On the contrary, the consolidation phase has been edgy in the stiff resistance areas of 152.121 - 153. 600 and attempting to dip below 7EMAs in the recent history, the hanging man has occurred on monthly plotting at around 152.208 levels (refer weekly chart).



The pair pops up shooting star and hanging man patterns at or near 38.2% Fibonacci retracement levels (at 152.121 levels) in the consolidation phase, ever since then the bulls seem to have given up their pace and showing weakness (refer monthly plotting).



The stochastic oscillator on daily and weekly terms have been converging upwards but has been slightly indecisive on daily terms, bullish though in weekly terms.



While RSI on the daily chart has been converging to the price rallies to signal the strength in the buying interests, same has been the case on weekly terms and slightly indecisive on monthly terms.



While MACD is yet to substantiate bullish interests on weekly terms, signals extension of price rallies daily terms.



Trade tips:



On speculative grounds, at spot reference: 149.303 we advocate buying one-touch call options choosing strikes at 149.667 levels and aggressive bulls to bet on a journey towards next stiff resistance upto 150.420 levels.



Alternatively, on hedging grounds, with a view to arresting any downside risks, deploy shorts in futures contracts of mid-month tenors.



Currency Strength Index: FxWirePro's hourly GBP spot index is flashing -154 (which is bearish ), while hourly JPY spot index was at 38 (mildly bullish ) after disappointing tankan manufacturing index at 24 versus previous 26 and non-manufacturing index at 23 versus previous 25, while articulating (at 05:36 GMT             ).



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