(GBP/JPY)

The Pound inclined against the Yen as investors increased their carry trade bets encouraged by the rising U.S stocks last night, the short term technical indicators though are providing mixed signals, yet if the pair was able to breach the resistance at 200.47 and settled above it, this might indicate a new bullish wave to take place, this is also supported by the medium to long term trends as the pair resides within an oversold area and the Stochastic studies started to signal an upside reversal, while the point at 198.15 offers strong demand for the pair. 

 

Support199.28198.76198.15197.41196.96
Resistance199.95200.47200.92201.56202.27

Recommendation

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