GBPJPY moving on up inside H1 uptrend channel bullish
GBPJPY moving on up inside H1 uptrend channel bullish after a deep correction, following the ECB rate decision, mainly due to safehaven flows into JPY.
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So far so good. 400 pips gained LONG in GBPJPY worked quite nicely. Due to the appreciation of the markets, we saw no risk-off flow into the JPY, hence no further resistance but the pair looks as though it wants to correct back to its 0.23 Fibonacci line.
We will then and there find out if GBPJPY will correct further towards 161.0 or head up annd complete its move to 165.0
Here we are for a test of the uptrend line coming from february 24th lows! If it is broken, you should certainly pull your S/L to entry point to avoid losses!