We have a simple chart of the GBP/JPY to work with today on the H4 timeframe, exhibiting an uptrend since bottoming out at ¥180.09 in early August 2024.
As you can see, price action has recently formed a short-term correction within the current uptrend, which could find support at the Ichimoku Cloud, composed of the Leading Span B (light orange at ¥191.41) and the Leading Span A (light green at ¥192.07). Adding weight to the Ichimoku Cloud is the ascending line, extended from the low of ¥188.23.
Price Direction
Given the trend direction for this currency pair, and the nearby support, a short-term rebound from the Ichimoku Cloud could be seen today, potentially fuelling fresh highs in the current trend.
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