Forex: GBP/JPY looking bullish after Hikkake print
Forex pairs in this Article » GBP/JPY
FXstreet.com (San Francisco) - GBPJPY's overnight bounce from weekly lows extended to a 3-day high of 124.76 by mid-day North American trade, and price is now holding steady below the intraday high ahead of the Fed's beige book at the top of the current hour. Price is last quoted at 124.65 price zone, around 30 pips above its starting price. Worthy of note, the bull pressure follows yesterday's print of a bullish Hikkake pattern on the daily chart. The formation also occurred in an area of dynamic support (a) bullish trend bias, (b) key Fibo support at 123.75 (38.2%, 120.82/125.56) and (c) 21 and 55-day EMA support.