GBP/JPY: clears all Ichimoku Cloud.

June 6, 2014

Fri 6th June

The GBP/JPY has achieved a bullish milestone this week. Price is now trading above the Ichimoku Cloud on the 4hr, daily, weekly and monthly time frames and this represents a significant bullish shift here:

G/J 4hr:

GJ4hrCloud

G/J daily:

GJdailyCloud

G/J weekly:

GJweeklyCloud

G/J monthly:

GJmonthlyCloud

The GBP/JPY is trading within a triangle pattern on the 4hr/daily chart and this is giving the weekly and monthly charts a distinctive ‘Bull Flag’ appearance:

G/J 4hr:

GJ4hr

G/J daily:

GJdaily

G/J weekly:

GJweekly

G/J monthly: the monthly chart shows how price has been struggling near the 38.2% fib level and under the monthly 200 EMA. 

GJmonthly

Summary: The GBP/JPY is looking rather bullish at the moment. Any break above the monthly 200 EMA and out and up from the ‘Bull Flag’ pattern would suggest bullish continuation. The 61.8% fib level is a popular target and this is up near the 200 level. We could be in for some interesting viewing here!