GBP/JPY Resumes Downtrend after Rejection at Level 153.50

GBP/JPY Resumes Downtrend after Rejection at Level 153.50

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

GBP/JPY Price Long-term Trend: Bearish
Today, the GBP/JPY pair is falling after facing rejection at level 152.00. Since May 10, the market has been declining gradually on the downside. The currency price has broken below moving averages which accelerated the selling pressure. Meanwhile, on June 21 downtrend; a retraced candle body tested the 38.2 % retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension or level 143.62.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping downward. The price bars are below the SMAs which indicates further downside.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair is falling as it faces rejection at level 153.50. The pair has been in a sideways move.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is below the 50% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move for the past three months According to the Fibonacci tool, the market is expected to decline to level 145.62. However, it fell to level 148.45 and pulled back. The pair is now resuming a fresh downward move


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GBP/JPY Continues Downward Move, Trades at the Overbought Region at Level 152.00

GBP/JPY Continues Downward Move, Trades at the Overbought Region at Level 152.00

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

GBP/JPY Price Long-term Trend: Bearish
GBP/JPY pair is in a downtrend. The currency price is making a series of lower highs and lower lows. Today, the pair is approaching the overbought region at level 152.06. The selling pressure will resume in the overbought region. Meanwhile, on June 21 downtrend; a retraced candle body tested the 38.2 % retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension or level 143.37.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 47 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 downward. The price bars are below the SMAs which indicates further downside.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair is presently trading in the overbought region of the market. Meanwhile, on July 8 downtrend; a retraced candle body tested the 38.2 % retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension or level 145.37.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is above the 80% range of the daily stochastic. It indicates that the pair is in the overbought region of the market. The pair has been trading in the overbought region for the past three days. Sellers are likely to emerge in the overbought region to push prices down.

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move. The market is currently in the overbought region. The pair will soon resume selling pressure as the pair faces rejection at the recent high. According to the Fibonacci tool, the pair will reach the low of level 145.37.


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GBPJPY inverted head and shoulders

GBPJPY inverted head and shoulders

Key Support: 148.40 – 149.55
Key Resistance: 151.00 – 151.50

The GBPJPY has dipped from the break of the 151.50 earlier this week about 2.10% or 316 pips right to a massive level on the daily (BIG BUY ZONE).

At the bottom of the move the GBPJPY has created an inverted head and shoulders on the hourly and we are trading the breakout of this reversal pattern.
The calculated targets on a breakout (bottom of the head to neck) are exactly at the retest of the last broken key level, the 151.50.

Whilst this is in play the Japanese Yen is dropping (Yen Index -0.15% today) giving our long GBPJY the necessary boost to run for profits.

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GBP/JPY Slumps to Level 145.07 as Pound Makes a Deeper Correction

GBP/JPY Slumps to Level 145.07 as Pound Makes a Deeper Correction

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

GBP/JPY Price Long-term Trend: Bearish
GBP/JPY pair has been in an upward move. The uptrend was repelled at level 156.00. The currency pair retraced to level 151.00 as bulls bought the dips. The selling pressure will resume as price retest the resistance zone. Meanwhile, on July 8 downtrend; a retraced candle body tested the 38.2 % retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension or level 145.07.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY pair is at level 39 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 downward. The price bars are below the SMAs.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The currency pair faces rejection at level 155.00 as price broke below the SMAs. A break below the SMAs will propel the pair to fall to the previous low.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is below the 25% range of the daily stochastic and approaching the oversold region of the market. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move. The downtrend will resume if price breaks below the previous low at level 150.00. According to the Fibonacci tool, the currency pair will fall to level 2.618 Fibonacci extension or level 145.07.


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GBP/JPY Consolidates Ahead Of A Breakout!

GBP/JPY Consolidates Ahead Of A Breakout!

GBP/JPY moved sideways in the short term trying to accumulate more bullish energy before taking out a major downtrend line. It has tested and retested the weekly pivot point and now it tries to come back higher.

The Pound could drag the pair higher as the UK inflation data have come in better than expected. The Consumer Price Index increased by 2.5% in June versus 2.2% expected and compared to 2.1% growth in May. Moreover, the Core CPI has registered a 2.3% growth, beating the 2.0% estimate.

GBP/JPY H1 Chart Technical Analysis!

GBP/JPY has found support on the weekly pivot point (152.60) and now it looks determined to approach and reach the downtrend line. The sideways movement could represent an accumulation.

The pair failed to resume its growth towards the ascending pitchfork’s median line (ML). It was rejected by the downtrend line, but GBP/JPY buyers are still strong. Staying near the downtrend line could signal an imminent breakout.

Conclusion!

Failing to make a valid breakdown through the weekly pivot point (152.60) signals that we may have an upwards movement.

 

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GBP/JPY Is In a Downward Move, Further Selling Pressure Is Likely

GBP/JPY Is In a Downward Move, Further Selling Pressure Is 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: Bearish
GBP/JPY pair is making an upward move to retest the previous resistance zone. The currency price has broken below the moving averages which suggest that the pound is capable of falling on the downside. Meanwhile, on June 18 downtrend, a retraced candle body tested the 61.8% retracement level. The retracement indicates that the Pound will fall to level 2.618 Fibonacci extension.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY pair is at 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 uptrend. The Pound is in the bearish trend zone as price is below the SMAs

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The pair has been falling after rejection from 155.00 high. The currency price is attempting to break above the moving averages. A break above the SMAs will propel the pair to rise to the previous highs GBP/JPY will resume selling pressure if it faces rejection at the recent high.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is above the 70% range of the daily stochastic and approaching the overbought region. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is in a downward move. The currency pair is rising and approaching the overbought region of the market. It implies that the market will decline in the overbought region


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GBPJPY bearish continuation in play

GBPJPY bearish continuation in play

Key Resistance: 153.15
Key Support: 151.40

The GBPJPY had a very bearish day yesterday moving -172 pips from high to low breaking also with last week’s lows. In yesterday’s live session I talked about looking for shorts on a retest of the previous broken level (153.00)

During the Asian and the European session we saw the pullback to that exact level. However shorts were not confirmed as you noticed when price got through our SL level on our pending order. This is why we mostly use stop orders to get triggered on our trades.

Price eventually dipped on a GBP bearish move (USD strength) and our validation level is the break of today’s lows for a retest of June 21st lows.

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GBP/JPY Looks To Trade Higher!

GBP/JPY Looks To Trade Higher!

GBP/JPY changed little in the short term after passing above upside obstacles. It has decreased a little to retest the broken downtrend line and it could start increasing again soon. It moves sideways in the short term but I really hope that we’ll have a good trading opportunity after ending its range.

The Pound could take the lead again and could drive GBP/JPY higher after the UK Final Services PMI increased from 61.7 to 62.4 points, beating 61.7 estimates.

GBP/JPY H1 Chart Technical Analysis!

GBP/JPY is retesting the broken downtrend line. Staying above it and making a new higher high could signal an upside movement.  Still, in the short term, the Yen could be strong if the Nikkei (JP225) continues to drop.

We cannot exclude a temporary decline towards the weekly pivot point (153.43) level. On the other hand, failing to approach and retest the pivot point could signal strong buyers and a potential rally.

It has also escaped from the descending pitchfork’s body signaling a leg higher after failing to approach and reach the median line (ML). The 150% Fibonacci line and the warning line (WL1) could be used as upside targets.

Conclusion!

Jumping and stabilizing above the 153.74 high could activate a fresh swing higher with a first potential upside target below the weekly R1 (154.25).

 

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GBP/JPY Is in a Downward Correction, Battles He Resistance at Level 155.00

GBP/JPY Is in a Downward Correction, Battles He Resistance at Level 155.00

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 pair is in an uptrend. The currency pair has fallen below the moving averages twice. The Pound was repelled twice at levels 156 and 155 before the resumption of a downward move. GBP/JPY pair is struggling to sustain above the moving averages. A break above the moving averages will accelerate price movement on the upside.

 

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY pair is at level 47 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 uptrend. The uptrend will continue if the pair remains above the moving averages.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a sideways move below level 155. The pair is making an upward move to the previous highs. On July 1 uptrend, a retraced candle body tested the 61.8% retracement level. The retracement indicates that the Pound will rise to level 1.618 Fibonacci extension or level 154.72.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is below the 60% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is rising after the recent breakdown. According to the Fibonacci tool analysis, the Pound will rise to level 1.618 Fibonacci extension or level 154.72.


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GBP/JPY Faces Rejection at Level 155, Resumes Selling Pressure

GBP/JPY Faces Rejection at Level 155, Resumes Selling Pressure

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 pair is in an uptrend but faces rejection at level 156. In the first downtrend, the pair fell to level 152 and resumed upward. The upward correction was terminated at level 155. The market has resumed a fresh downtrend and it is likely to revisit the previous low at level 152. If bears break below the previous low, the selling pressure will resume.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 47 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 uptrend. The uptrend will continue if the pair remains above the moving averages.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a sideways move below level 155. The pair was repelled at level 155 and it fell to 151.60. The current upward move is facing resistance as the market reaches level 155. The market is rising in the overbought region as price breaks above the 21-day SMA.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The currency pair is below the 20% range of the daily stochastic. The market is in a bearish momentum. It is in the oversold region of the market. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is rising after the recent breakdown. The pair is falling after its rejection from level 155. The currency pair is likely to reach the previous low at level 151.


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