GBPJPY hedge on yesterday´s longs

GBPJPY hedge on yesterday´s longs

Key Resistance: 151
Key Support: 149.80 – 148.60 – 147.75

Yesterday we took a long on the GBPJPY when it broke with this week´s highs. Price failed to break with the 150.80 level so we decided to manage our risk by moving stops below the daily lows.

This level confluences with the Point Of Control of the entire volume of last week´s bearish move, The Apr. 28 – March 2 week lows and a previous historic key level.

Once it broke below our long position was no longer high probability so we decided to go short below this massive level.

The GBPUSD is also rejecting the weekly pivot and the same POC of last week´s bearish move. When/if price breaks with this week´s lows after breaking-retesting the POC (green arrow shows the move)we will se price also breaking with the mid term bullish structure and selling off to our target areas.

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GBPJPY finds buyers after last week´s dip

GBPJPY finds buyers after last week´s dip

Key Support: 149.50
Key Resistance: 153.00

The British Pound has been vey strong since it retested the 133 level back in September 2020, rallying more than 15.30% from the lows to the highs of last week without having enormous pullback. The biggest one was back at the beginning of March when the GBPJPY retraced 2.70%.

We are vey bullish the GBP and mildly bearish the Yen. All this creates a big bullish push in this pair.

Now that the pair has pulled back 76.4% to retest the 149.50 level and has broken with the immediate bearish structure we are ready to buy at the break of this week´s highs.

Targets should be the previous broken key level but if you look at the weekly chart, a break above the 154 level opens a MASSIVE upside here. So heads up to that.

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GBP/JPY Continues Its Downward Move, May Find Support at Level 149.57

GBP/JPY Continues Its Downward Move, May Find Support at Level 149.57

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY is in an uptrend but currently faces rejection at level 153.00. The pound is falling after rejection at the recent high. The pound price has broken the 21-day SMA and it is approaching the 50-day SMA. A break below SMAs will accelerate the selling pressure. However, if price found support above the 50-day SMA, the pair will resume the uptrend.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair has fallen to level 46 of the Relative Strength Index period 14. This indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the previous trend.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a downtrend. The pound retested the level 151.00 to resume the downtrend. Meanwhile, on April 8, a downtrend; a retraced candle body tested the 618% Fibonacci retracement level. The retracement level indicates that the Yen will fall to level 1.618 Fibonacci extensions or level 149.57.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is still likely to fall as it approaches the oversold region of the market. According to the Fibonacci tool, the currency pair will fall to level 1.618 Fibonacci extension or level 149.57. From the price action, the pound has fallen to level 149.80.



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GBP/JPY Correction In Play!

GBP/JPY Correction In Play!

GBP/JPY reached a strong dynamic resistance and now it could develop a correction. The price is traded at 152.81 at the time of writing, a new lower low could signal more declines.

Technically, a temporary retreat is natural and somehow expected after the most recent growth. GBP is strongly bearish and it loses ground versus all its rivals and not only against JPY.

GBP/JPY H1 Chart Analysis

GBPJPY is pressuring the S1 (152.82) static support after ignoring the pivot point (153.09). The price has found strong resistance at the R1 (152.46), right on the warning line (WL1).

Closing and stabilizing below the S1 could signal a further decline. A new lower low could activate a broader retreat in the short term.

Conclusion!

GBP/JPY found strong resistance after the most recent upwards movement. A new lower low could signal a significant correction.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

GBP/JPY Resumes a Fresh Uptrend After Falling to the Low of Level 148.52

GBP/JPY Resumes a Fresh Uptrend After Falling to the Low of Level 148.52

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY uptrend is ongoing even though the stochastic has indicated an overbought condition of the market. The Yen has resumed a fresh uptrend at the low of 148.52. The Yen will continue to rise as the Relative Strength Index approaches the overbought region.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 61 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and has limited room to rally on the uptrend. The 21-day and 50-day SMAs are sloping upward.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the upward move is well pronounced as the Yen trades in the overbought region of the market. On April 2 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement level indicates that the Yen will rise to level 2.0 Fibonacci extensions or level 154.10.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is above the 80% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/JPY
The GBP/JPY has been trading above the 80% range of the daily stochastic since March 25. The Yen has resumed a fresh uptrend after the retracement. According to the Fibonacci tool, the currency pair will rise to level 2.0 Fibonacci extension or level 154.10.

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GBPJPY bounces from previous highs

GBPJPY bounces from previous highs

Key Support: 152.30
Key Resistance: 152.80 – 153.60

The GBPJPY has rallied 427 pips (+2.87%) since mid last week and yesterday it broke with the previous highs at the 152.45 mark without too much momentum.

During the Asian session price was trading ranging in a 50 pip range and retested the previous highs at the 152.45 mark. After the rejection we waited for the immediate highs to break to buy into this strength.

The bullish flag broke and our Stop orders got triggered. Very simple dip buy setup at the retest of the previous key level and the mid term bullish structure.

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GBP/JPY Resumes Uptrend but Faces Rejection at Level 151.54

GBP/JPY Resumes Uptrend but Faces Rejection at Level 151.54

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY has been rising for the past two days. In the previous week, the uptrend was interrupted at the resistance of 152.55. This causes the market to decline to the low of $148.52. The Yen has risen to revisit the previous high. Presently, the pair has been trading in the overbought region of the market.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 61 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and has room to rally on the upside. The 21-day and 50-day SMAs are sloping upward.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is rising on the upside at the time of writing. However, the pair is facing rejection at the high of level 151.54. On March 26 uptrend, the Yen rose to level 151.54 but was resisted. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level indicates that the Yen will rise but reverse at level 1.272 Fibonacci extensions or level 151.92.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is above the 80% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/JPY
The GBP/JPY has resumed an upward move after the retracement. The Yen is still trading in the overbought region. The market will soon face another rejection as price approaches the previous highs.


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GBPJPY rejects previous week´s lows

GBPJPY rejects previous week´s lows

Key Support: 150.40
Key Resistance: 151.40 – 15180 – 152.50

The GBPJPY has been rallying hard since the beginning of December 2020 and last week we got one of the few pullbacks in this rally. Price dipped 200 pips (-1.33%) and opened lower this Sunday.

Key Support: 150.40
Key Resistance: 151.40 – 15180 – 152.50

The GBPJPY has been rallying hard since the beginning of December 2020 and last week we got one of the few pullbacks in this rally. Price dipped 200 pips (-1.33%) and opened lower this Sunday.

We are targeting first the weekly pivot which confluences with the 50% retracement of the last bear move and the previous broken key level.

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GBPJPY bullish run continues

GBPJPY bullish run continues

Key Support: 151.30
Key Resistance: 151.80 – 152.50

Long Term View
The GJ is in a massive bullish run breaking through level after level  without any really deep pullback. Even though we are at the top of the move this long setup is really clean

1H Chart Analysis 
The Downside here is capped by the weekly pivot and the 151.30 level of support. Right now price is trading inside a really choppy zone 151.30-151.80; this is the no trade zone.

In order to go long we need price to break with this range to have directional momentum to the upside. Buy stops are in place just for that.

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GBP/JPY Retraces To Level 150.00 Support, Uptrend Likely

GBP/JPY Retraces To Level 150.00 Support, Uptrend Likely

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
The GBP/JPY is in a smooth uptrend. The pair is presently retracing because the market has reached the overbought region. However, the Yen has been trading in the overbought since February 5. The price has been fluctuating on the upside between levels 70 and 83 of the Relative Strength Index period 14.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 80 of the Relative Strength Index period 14. This indicates that the market has reached the overbought region. The price has not enough room to rally on the upside.

GBP/JPY Medium-term Trend: Bullish
On the 2-hour chart, the pair is in an upward move. On March 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level indicates that the Yen is likely to fall to level 1.272 Fibonacci extensions or level 150.98 and reverse.

GBP/JPY – 2 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 40% range of the daily stochastic. The market is in a bearish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for GBP/JPY
The GBP/JPY is trading in the overbought region. The Yen is making a minor resistance after the recent high. The pair has fluctuating above level 151.00. The Fibonacci tool has indicated a possible reversal above level 150.98.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.