GBPJPY medium term position

2017年1月24日

The 50 EMA (red) on 4h seems to be acting as a nice support which has created multiple different support trend lines coming off of many different areas on the chart. A 4h close above 141.50-60 could indicate the start to a 100-150 pip bullish move. If you look at momentum the highest high it made was November 10th 2016, ever since then it has created lower highs. Starting off the high from the 10th of November, momentum has created a solid bearish trend line which it is now trading on the high side of. As long as momentum stays above the -.07875 level we should see market price make a bullish move up to the 143.20 area.