GBP/JPY Technical Evaluation: Pullback could find yourself recharging engines for recent leg larger
GBP/JPY’s pullback from the current excessive of 148.57 has taken the form of a bull flag – a bullish continuation sample, which regularly finally ends up accelerating the previous bullish transfer.
A transfer above 147.26 would verify a flag breakout on the 4-hour chart and open the doorways to re-test of 148.57 (March 1 excessive). The RSI on the 4-hour chart appears to have bottomed out beneath 50, that means there’s loads room for a rally on potential flag breakout.
The bullish case would weaken if the flag low of 146.61 is breached.
Pattern: Bullish above 147.26