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Hugo in HTO Trading,

GBPJPY: Picking upward momentum

Since the beginning of the year the currency gained almost 1.5% but last week managed to rally more than 3.0% and made a phase change, shifting from a warning to a bullish phase.

Last week the GBPJPY rallied with a wide range and closed near the high of the week, in addition managed to close above the previous week high, which suggests a strong bullish momentum.

The stochastic is showing a strong bullish momentum and crossed above the 50 mid line.

Expecting a downward move to a Fibonacci retracement at 144.332 on a bounce from another Fibonacci retracement at 148.947 (scenario 1) nevertheless a break above the Fibonacci retracement at 148.947 may trigger another bullish run on the currency pair up to a weekly resistance at 153.150 (scenario 2).