h4 chart at market closing
Price is currently already above the the daily upper trendline; which is drawn from Sept 24th to Jan 7th. Now it is testing the 130.00 resistance zone and could either break it or rebound from the it.
However, the trend reversal, if any, should only be confirmed if the price breaks 135.00 resistance level; which coincides with daily EMA50.
On the downside, a move below 128.00 level should dictates that the downtrend is still intact.
Meanwhile, the fundamental outlooks for Japanese yen and British pound are still bullish and bearish respectively at the moment. Therefore, the fundamental outlook for GBPJPY is still BEARISH. >:)
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