FX.co ★ GBP/JPY

Hello traders. GBP/JPY. Pound/yen continues its northern march today, although I expected the bears to come and collect yesterday's debts. However, the pair is creating new highs today. On the hourly chart, indicators support further movement to the north, with the pair already responding to a buy signal intraday. Additionally, the Bollinger Bands are still expanding, indicating a likelihood of the current upward impulse continuing. However, one of the lagging indicators has stopped supporting the bullish sentiment, showing a bearish divergence. There was also a close above the upper Bollinger Band, suggesting that there are new highs to be reached to the south. Therefore, in the short term, it is quite probable that we may head south towards the approximate target of 210.00. On the 4-hour chart, indicators also favor further movement to the north, with the Bollinger Bands still expanding, hinting at an incomplete upward impulse. However, one of the lagging indicators here has abruptly stopped supporting the bullish sentiment, indicating a potential local decline within a correction to test the moving average.