GBP/JPY 1H Chart: Channel Up

Although recent GBP/JPY's behaviour may seem hectic at first—nearly all of its candles for the last 60 have long spikes, pointing at a lack of pair's movement continuity, we can still draw two parallel trend-lines that would clearly show us the bullish tendency the price has been exhibiting after hitting a serious support level at 148.84. GBP/JPY has already managed to get a foothold above the 200-hour SMA and appears to be well-positioned to add to gains, also considering ‘buy' signals given by the technicals. Still, the market is not yet convinced in Sterling's bullishness, being that only 45% of positions in the SWFX marketplace are long.