GBP/JPY:-A strong counter attack from bulls side.



By looking at the daily chart anyone can see that bears were heading south side and making successively lower lows and lower highs and initially they have given breakout of 144 level which was a key support level but it could not sustain at that level and we have seen a strong counter attack from bulls side and bulls proved that it was a false breakout. It seems like demand is getting higher on day to day basis and supply is lesser as of now.

A doji candlestick followed by a big bullish marabuzo candlestick has changed bias from bearish to bullish and odds are in favor of bulls as long as 143.50 level remains intact. Bulls have taken the lead it seems like they are approaching the 150 level in short term. the Friday was the best daily advance day as pair has received bullish momentum and traders along with investors are expecting further bullish sentiments in coming time.

The Pound was the best performer against the JPY on Friday, as it managed to arrive at a fresh weekly high of 146.72. Surprise upturn in May manufacturing PMI gave the GBP a needed boost up. The GBP/JPY pair finally closed at 146.00, receiving a boost from an positive UK May Market manufacturing PMI as it came in at 54.4 from 53.9 in April.  The index showed that manufacturing picked up speed for the first time in six months.
A clear bullish breakout on MACD indicator is also favoring the bulls and generating bullish signal. RSI is also supporting the bulls from the oversold territory. The 148.00 level could be seen as first resistance level followed by 150.00 level whereas 143.50 level is strong key support level. The odds are in favor of bulls as long as the above mentioned key support level remain unbreached.

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