GBP/JPY trading talks October 4
Pound Japanese yen continues to rise. If you follow my analysis then on September 30 here I published a preliminary analysis of a possible growth, it was justified.
I took into account the EMA 200 and EMA 100 levels, as well as the MACD signal, to determine direction confirmation. When the market made a small correction, from the EMA 200 level on the four-hour chart, another wave of upward movement began according to the formed trend channel, and after a confident breakout of the key 162.00 area, the market grew to 164.400 (the key level of my forecast) and above, reaching the top of 165.200.
Following the current market position the medium-term trend is made up of 3 waves, the last of which has not yet begun a correction. Thus, I am considering the possibility of further decline to the level of 162.750. On the hourly chart, the MACD is beginning to signal a possible decline, just as the RSI is near the 70 level on the hourly and four-hour charts.
Since the EMA levels are broken by uptrend, I cannot exclude the continuation of growth after a short-term correction. If the local top 165.200 is passed, then the level 166.320 and the key top 168.00 will become the next possible striving points. The MACD on daily chart indicates the following growth.
