GBP/JPY trading talks September 30
I made a brief forecast for the Pound Japanese yen in my telegram channel. And now I will continue this topic, since my forecast was fully justified. I wrote that the levels of 159.00 and 161 will be keys to continue the correction and upward movement. For now, the growth slowed down after hitting the 4-hour EMA 200 (161.524) with top in 162.00 area. I don’t assume the break of the EMA 200 being clear and confirming further upside. However, the MACD signal is quite clear, which could be an indication for another wave to the 164.400 level. This option is possible only in case of a clear breakout of the 162.00 key area. It should be noted that an important factor is the location of the EMA levels on the Daily chart. So, the 200 one was passed at the level of 160.170, and 100 is exactly the most important key level of 162.00.
I would not rush to buy now, I suppose there will be a consolidation in area between 160.100 and 162.00 key levels. Only if the break of 160.170 was false, then the fall is likely to become quite rough, possibly to the levels of 157.30 (according to the trend channel correction amplitude) and 155.400 (50% of the upward trend).