This fresh price bounce at 151.30 is validating that the SMAs are shielding the positive structure.
The Ichimoku lines are indicating subdued positive momentum, which has yet to gain a clear lead, while the short-term oscillators are suggesting that bullish impetus is struggling. Barely above zero are the MACD and the red trigger lines, which are converging, while the RSI is flirting with the 50 threshold. The positive charge of the stochastic oscillator appears to be under pressure close to overbought territories.
If sellers maintain control, an initial tough support zone could develop from the blue Kijun-sen line at 153.68 until the cloud’s upper surface at 153.00. Subsequently, an area from the cloud’s lower surface at 152.26 until the 151.22 trough could provide additional downside limitations, to try and impede a deeper retracement from unfolding. However, should the price sink past the 100-day SMA’s vicinity, the decline could encounter the base of 148.51-149.41 before challenging the border of 147.39-148.10 just below.
If buyers resurface, the first upside obstacle is the 155.14 nearby high followed by the resistance belt of 156.00-156.60, moulded from two rally peaks, that being the near 40-month high and the February 2018 peak. Successfully resuming the broader uptrend, the pair may then challenge the 157.89 barrier, which happens to be the 161.8% Fibonacci extension of the down leg from 144.94 until 124.00 before targeting the 160.09 boundary, where the price collapsed aggressively back in June 2016.
Summarizing, GBPJPY is sustaining a bullish bearing above the SMAs and the 151.22 trough. Yet, a break below 148.51-149.41 could signal negative pressures are gaining the upper hand.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Technical Analysis: GBP/JPY Eases From 155 Mark But Upside Risks Remain Intact
ByXM Group
AuthorTrading Point
Published 06/25/2021, 06:26 AM
Updated 05/01/2024, 03:15 AM
Technical Analysis: GBP/JPY Eases From 155 Mark But Upside Risks Remain Intact
GBPJPY’s latest rally off the 100-day simple moving average (SMA) has failed to decisively close above the 155.00 handle, an area where the recent bearish price correction was previously initiated.
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.