The longer-term 200-day simple moving average (SMA) is endorsing the positive structure in the bigger picture, while the rising 50-day SMA is promoting the recent progress in the pair.
The Ichimoku lines are not conveying any ruling directional forces at present, while the short-term oscillators are reflecting conflicting messages in momentum. The MACD, below the zero mark, has nudged above its red trigger line indicating that negative momentum is fading. The RSI is pointing upwards and has pierced above the 50 level. That said, the stochastic %K line is turning downwards, showing some vulnerability in bullish action in the pair.
In the positive scenario, resistance could commence from the nearby 154.65 barrier and the neighbouring blue Kijun-sen line at 155.30. Pushing higher, the bulls could aim for the 156.00 and 157.00 hurdles respectively, before challenging a resistance zone established by the 157.84 and 158.20 barriers. The former happens to be the 161.8% Fibonacci extension of the down leg from 144.94 until 124.00 and the latter the more than five-year high.
If sellers resurface and drive the price downwards, prompt support could emanate from the 50-day SMA currently in line with the Ichimoku cloud’s lower band at 153.59. Dipping back beneath the cloud, a zone of support may develop between the 100- and 200-day SMAs at 152.70 and 152.34 respectively. Should these averages fail to act as an upside defence, the price could then dive towards the 150.80 low, while a deeper decline could challenge the base of 148.51-149.41.
Summarizing, GBPJPY is gaining buoyancy above the cloud and the SMAs. That said, price improvements are not yet severe enough to eliminate the doubt surrounding the bullish action in the pair.
- 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 Recovers Above MAs As Upside Impetus Improves
ByXM Group
AuthorTrading Point
Published 11/19/2021, 06:53 AM
Updated 05/01/2024, 03:15 AM
Technical Analysis – GBP/JPY Recovers Above MAs As Upside Impetus Improves
GBPJPY is recouping some lost ground from the pullback off the near 64-month peak of 158.20.
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.