GBPJPY: 1-Hour
Up next, I have a 1-hour chart of the GBPJPY pair for you. The pair has been ranging as of late, bouncing between 148.50 and 146.50. Right now, the stochastics is indicating that the pair is overbought. With the pair sitting at resistance, we could see sellers finally reassert themselves and bring price back down to support at 146.50. If on the other hand, buyers continue to place their long orders, we could see price action ram through resistance and meet the falling trend line at 150.00.
