GBPJPY rejects 156 whilst JPY break bearish flag

26 October 2021 | Updated: 26 October 2021

Key Support: 156.00 – 156.40
Key Resistance: 157.40 – 158.20

The GBP has appreciated 6.25% against the JPY on a massive bearish breakout on the JPY Yen side 2 weeks ago. The level that was capping the upside in this market was the 156.00 (Jan. 2021 highs).

Once the GBPJPY broke with a pullback structure and the 156.00, I’ve been waiting for a pullback to this level for new longs to add to my already in profit position 700 pips+). The immediate bearish structure (flag) is still in play and not until a definite breakout happens longs will be in play.

The JPY on the other side has pulled back 1.75% from Oct. 21st lows and its immediate bullish structure is still intact.

For shorts here I need to see a clean break of last Friday’s lows which will trigger those possible GBPJPY longs.

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GBPJPY Holds for a Pullback

23 October 2021 | Updated: 23 October 2021

GBPJPY Price Analysis – October 22

GBPJPY holds for a pullback in a bullish market. The price trend has long been on a bullish ride, and buyers seem to hold more positions in the current trend. The buyers are, however, ready to move the price above the recent level. But before that, an immediate drawdown or pullback is necessary to check the market balance. GBPJPY is, therefore, expected to continue in its bullish market after the price pullback.


GBPJPY Significant Key Levels:

Resistance Key Levels: 155.200, 153.100
Support Key Levels: 150.700, 149.100

GBPJPY holds for a pullbackGBPJPY Long Term Trend: Bullish

Buyers of the GBPJPY amassed a large number of impetuses, and as a result, numerous price responses were broken on the rise of the market. After the price reached the lowest zone support level, the bulls took control. The buyers first try to raise the price, but they fail to owe to the sellers’ pressure. However, the market moved on to retest the 149.100 significant price level before winning a positive surge upward. Several price levels were breached as a result of this surge.

The market bears display power after a reaction at the 155.200 significant price level. This led to a downward trend as the bears continue to bring prices downward. The market is seen making significant lower lows and is breaking several key levels before the bulls finally took control. The market, however, consolidates between the significant levels of 153.100 and 149.100, before the bull’s dominance. The MA (Moving Average) indicator shows prices rising and signal lines widening. This shows the market is still in a bullish phase.

GBPJPY holds for a pullbackGBPJPY Short Term Trend: Bullish

The price has achieved a big high higher on the 4hour chart, with the Moving Average acting as a support to the price movement. The price continues to rise, smashing through multiple resistance levels. In oscillation, the Stochastic Oscillator movement suggests price movement heading downward. The price is pulling back in a bullish trend. However, the bullish market remains in place, and the price is likely to pull back near the 155.200 significant milestones.

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GBP/JPY Halts Near 158.00 on the Back of Lower UK CPI Figure

20 October 2021 | Updated: 20 October 2021

The GBP/JPY currency pair in the prior day had rallied off the 157.00 support level produced by the 50–hour simple moving average. The British Pound gained 109 pips, or 0.70 percent, against the Japanese Yen as a result.

Earlier in the day, the European majors are broadly weaker, with Sterling reversing some gains following strong but lower-than-expected consumer inflation statistics. The dollar is also weakening, with the 10-year Treasury yield falling marginally, while the yen is attempting to recover. Overall, however, the Kiwi and AUD continue to be the strongest performers.

US futures are indicating a flat open, although buyers may re-enter the market later in the day. The stock market should continue to lead currency movements.

The GBP/JPY then surged to 0.10 percent during the New York session, trading at 157.95 at the time of writing, halting its rising trend at 158.00. Despite central banks’ efforts to normalize monetary policy circumstances, increasing energy costs, and the Federal Reserve’s bond taper announcement, market sentiment remains upbeat.

Following the announcement of the UK CPI, the British pound fell, which revealed that the Consumer Price Index climbed by 3.1 percent yearly in September, less than the 3.2 percent expected by analysts. In addition, the UK Core CPI, which excludes volatile food and energy costs, slowed to 2.9 percent on an annual basis, down from 3.1 percent in August.

Given the lower inflation data, the market continues to expect the Bank of England (BoE) to raise interest rates before the end of the year, giving the GBP/JPY a boost as the pair fell below 158.00. However, if the threat of the Bank of England raising rates remains on investors’ thoughts, the British pound could strengthen further in the coming days.

Technical Analysis of the GBP/JPY Exchange Rate

The upward trend in the GBP/JPY is overextended, as seen by the Relative Strength Index (RSI), a momentum indicator, which is currently at 78 in the overbought range, indicating that the pair may correct before resuming the current trend. The British pound, on the other hand, benefits as long as the daily moving averages (DMAs) remain substantially below the market price.

If there is a fall lower, some dip buyers could emerge around the October 18 low of 156.60, followed by the May 27 high of 156.07. If the GBP/JPY gain continues, a daily close above the psychological level of 157.00 might pave the door for a 158.00 challenge.

Furthermore, investors appear to be confident in a 2021 rate hike by the Bank of England. This was considered as another element that helped the GBP/JPY cross, albeit traders were hesitant to place further bullish bets due to overbought conditions. Nonetheless, the tendency is still in favor of bulls, which suggests that some dip-buying could emerge at lower levels.

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GBPJPY Rallies With Strong Momentum

15 October 2021 | Updated: 15 October 2021

GBPJPY Analysis – Price Rallies With Strong Momentum as Bulls Climb Above Significant Key Levels

GBPJPY rallies with strong momentum above the price level. Bulls took sole control of the entire position, driving the price upward. The market trends upward, breaking significant price levels as the momentum increases. The bulls are still in control of the present market, and the price is heading upward before any major trend reversal can occur.

GBPJPY Significant Levels:

Resistance Key Levels: 155.200, 153.200
Support Key Levels: 150.700, 149.100

GBPJPY Rallies With Strong Momentum

GBPJPY Long Term Trend: Bullish

Before this major bullish trend occurred in the market, GBPJPY sellers brought the price down to a significant low. This implies that the market was seen as a bearish movement. The price appears to be swinging lower, making significant lower lows and highs. The price, therefore, breaks through several price levels, and these levels were also retested before the market continues downward. From one swing low to another, the till price eventually gets to the 149.100 significant price level.

The bulls gained control at the same 149.100 significant price level, running with strong liquidity strength before a pullback came into play. The market then begins to ride the bullish momentum as the price rallies higher. On the daily chart, the Momentum indicator displays a price level around the 2.50 level, indicating the very high ground of bullish strength. This shows the position of the bulls in the market. The RSI (Relative Strength Index) is in the overbought region, showing that the market is also close to a reversal or immediate pullback.

GBPJPY Rallies With Strong Momentum

GBPJPY Short Term Trend: Bullish

On the 4hour chart, the market is seen making significant higher highs upward. As several highs are made, the sellers also try to push the price downward, making a pullback. Nevertheless, the bulls continue to build strong momentum as the price continually rallies. The Momentum indicator shows an increase as the bulls continue to gain more strength after a pullback to the 155.200 significant price level. More rallies will therefore be evident as time moves on. The RSI also indicates price levels around the overbought region, implying that bullish momentum is about to elapse. GBPJPY rallies with strong momentum as price progress above the 155.20 significant price level.

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GBPJPY Bullish Ride Continues to a Significant Key Level

8 October 2021 | Updated: 8 October 2021

GBPJPY Price Analysis – October 8

GBPJPY bullish ride continues to a significant key level, as the momentum keeps increasing. The buyers remained in the market because more levels are being accumulated. Even though the bulls are in control, the market remains in consolidation. This implies that price has been ranging between the levels of 152.800 and 149.100, which are significant price levels.


GBPJPY Significant Levels:

Resistance Levels: 152.800. 151.400
Support Levels: 150.700. 149.100

GBPJPY bullish ride continuesGBPJPY Long Term Trend: Bullish

As the price continues to range in consolidation, the bulls keep gaining additional strength to keep the price moving upward. GBPJPY will therefore make a reversal at the 152.800 significant price level or even break beyond it. The market has been in a strong consolidation as the price first breaks out of the zones beyond the 152.800 significant price level. After that, the price was seen making a significant low downward and the market assumed a bearish movement. However, this caused the market to go back into its consolidation zone.

GBPJPY then continues to range in consolidation. The buyers and the sellers begin to gain control at various significant price levels. The bulls now seem to be in power and the ride will continue, and may even break beyond the 152.800 significant level if the momentum increases. On the daily chart, the MA (Moving Average) crossing is below the wick of the bullish candle, which is around the 151.400 significant price level. This cross, therefore, acts like support to push the price level up. As the momentum increases, so the bullish ride continues.

GBPJPY bullish ride continues GBPJPY Short Term Trend: Bullish

The price continues to gain more momentum on the 4hour chart. As the bullish ride continues, momentum has increased due to a retest of the 151.400 significant price level. The Parabolic SAR (Stop and Reversal) is below the recent low of the bullish candlesticks. The dots continue to ride up, showing that the market is still gaining bullish strength. The MA cross is also close to the 151.400 significant price level, acting as a support. GBPJPY, however, will continue its bullish ride towards the 152.800 significant key level.

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GBPJPY Continues to Trend Lower as It Is Set to Rebound

1 October 2021 | Updated: 1 October 2021

GBPJPY Analysis – Price Is Set to Rebound at the 149.60 Price Level

GBPJPY is set to rebound at the 149.60 key level. The price is, however, in a bearish state as the market keeps making lower lows and highs. The market continues to retest the trend line channel, and the more it is retested, the stronger it becomes. As the bears do a tremendous job of pushing the market downward, the bulls are also in motion. However, the sellers are more in control as they continue to pull prices down.


Significant Key Levels for the GBPJPY

Resistance Levels: 153.270 151.400
Support Levels: 150.700 149.460

GBPJPY is set to reboundGBPJPY Long Term Trend: Bearish

After a reversal at the 149.460 critical mark, GBPJPY initially gained positive momentum as it surged upward. However, the price burst through the significant key level of 150.700, where a retest was also held. It subsequently began to rise, breaking through the major critical levels of 151.400 and 153.270. Because the bulls had no position to hold at this moment, the sellers gained control of the market. The price gradually continues to decline and is observed to bounce at significant key levels.

The GBPJPY continues to fall, and a significant reversal is frequently witnessed near the trend line channel area. At this level, this signals a severe rejection. As the trend line is retested, the price is observed bouncing off support key levels of 149.460 and 150.700 major critical levels. The Stochastic Oscillator indicator on the daily chart shows price crossings approaching the oversold area, indicating that the bearishness is nearing an end and the price will return to the critical level. The RSI (Relative Strength Index) also shows price movement below the 50.00 mark, indicating that a comeback is imminent.

GBPJPY is set to rebound GBPJPY Short Term Trend: Bullish

On the 4hour chart, the price is seen making a significant fall, and pullbacks are evident near significant levels. GBPJPY is therefore expected to rebound, thereby gaining bullish momentum. The Stochastic Oscillator indicator shows price reactions near the seller’s region, and buyers will begin to set in. The RSI also displays a similar occurrence, indicating that there will be a market shift. As a result, the price is expected to rise from a significant level of 149.460.

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Japan To Swear In New Prime Minister As GBP/JPY Nears Key Support

29 September 2021 | Updated: 29 September 2021

Former foreign minister Fumio Kishida was elected as the new head in Japan for Liberal Democratic Party (LDP) overnight, and he is anticipated to be sworn in as Prime Minister next week. Kishida’s potential impact on the yen has FX traders remains cautiously optimistic.

Kishida emphasized wealth inequality at his first press conference, saying that the country “can’t achieve significant growth if money is concentrated in the hands of a tiny group of individuals.” As a result, Kishida suggested a $30 trillion ($270 billion) expenditure package, demonstrating his support for the island nation’s sustained expansionary fiscal policy.

Investors are cautiously hopeful about Kishida’s impact on the yen, which is currently the second-strongest major currency in the world, trailing only the US dollar. As a result, USD/JPY is moving higher on the day, but this is not reflected in GBP/JPY, which is approaching a critical support level.

Japan: Falling Bond Yields To Boost the JPY

The British pound has been dragged down by growing indicators of a gasoline scarcity in the UK as a result of the post-Brexit shortage of truck drivers. More than 100,000 lorry drivers are thought to be in short supply in the UK, which has hampered the delivery of various items in recent months.

A drop in government bond yields, on the other hand, benefited the non-yielding Japanese yen and put more pressure on the GBP/JPY cross. Because of the Bank of Japan’s yield curve control strategy, the 10-year Japanese government bond yield has remained near zero.

With another election in Japan slated for November, yen traders will want to stay up to date on how the island nation’s political winds are blowing. GBP/JPY is approaching the bottom of its three-month range, and its lowest level in seven months, near 149.00; with the rising 200-day EMA coming in around 149.30, this support level will be critical.

Given how swiftly the pair surged from 140.00 to 150.00 in Q1 (leaving few prominent areas of support or resistance in its wake), a verified break below 1.4900 would pave the way for a quick drop into the mid-140s. GBP/JPY might also rally back toward the top of the range around 153.00 as we move through October if bulls can defend that support level.

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GBPJPY Bullish Ride Close to an End as It Continues to Consolidate

24 September 2021 | Updated: 24 September 2021

GBPJPY Analysis – Price Continues to Consolidate

GBPJPY continues to consolidate as the market’s impetus decreases. The buyers will, however, fail to reach a critical zone of 153.270 before a reversal will occur. The price failed to retest this zone before running down to react at the 151.390 critical level. GBPJPY then rallied down to the 149.450 key zone, after which the buyers gained dominance. The market is, however, expected to lose its bullish impetus as the sellers will soon take over.


GBPJPY Significant Levels:

Resistance Levels: 153.270, 151.390
Support Levels: 150.690, 149.450

GBPJPY continues to consolidate

GBPJPY Long Term Trend: Ranging

Before the market began to consolidate, the price was first in an upward trend as it was seen to have moved up to the 151.390 level. However, the market then pulled back to the 149.450 significant key level before reversing its course. GBPJPY then gained bullish impetus as it made its way to react at the 153.270 key level before a reversal occurred.

The market, however, continues to consolidate, as the buyers and sellers continue to tussle for power. As the market continues to accumulate significant key levels in the consolidation, a breakout is inevitable. The price may break out either upward or downward, depending on who eventually gains full control. The Bollinger Band still signals market bullishness. The middle band acts as support below the candlestick as the price continues to move upward.

GBPJPY continues to consolidate GBPJPY Short Term Trend: Bearish

On the 4-hour chart, the market also continues to consolidate. The buyers and sellers are, however, trapped between a range of key zones. The price will, however, reverse its course as the bullish impetus is close to an end. The bulls gained control after a retest at the 149.450 significant level before rallying up. The RSI (Relative Strength Index) indicates a price signal near the overbought region. This shows that bullish impetus is almost over. The price is also seen moving out of the upper band, and this shows that a reversal is about to occur. Therefore, GBPJPY is expected to reverse its course before reaching a 153.270 critical level, as the market continues to consolidate.

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GBPJPY Is Resisting Bearish Pressure by Means of an Ascending Triangle

17 September 2021 | Updated: 17 September 2021

GBPJPY Price Analysis – September 17

GBPJPY is resisting bearish pressure by forging the market into an ascending triangle pattern. Bearish pressure effectively kicked in when price hit a 3-year high at 156.100 on the 27th of May 2021. Since then, price began a downtrend with a selling pressure which superseded the efforts of the buyers. GBPJPY can be seen to shoot downward and recover upwards at intervals.


GBPJPY Significant Levels

Resistance Levels: 154.900, 153.280, 156.100
Support Levels: 151.130, 150.400, 149.360

GBPJPY is resisting bearish pressure GBPJPY Long Term Trend: Bullish

The buyers first put up a fight against the decline in the market at 154.900, in which they defended price for 12 trading days, but the bears spiked the market down to ease below the level. The price recovered only to retest the level before dropping lower. The market kept spiking downwards as opposition to the decline in the market got stronger. Finally, price dropped to 149.480, where bears weakened and started ceding control to buyers.

Afterward, for the first time since the downtrend started, price didn’t make a new lower low or lower high. Bears tried again to plunge the market, but they could only make a higher low in relation to the last downward spike in the market. Buyers have therefore forged the market into an ascending triangle. The EFI (Elders Force Index) is seen undulating in and out of negative values as bulls battle for supremacy.

GBPJPY is resisting bearish pressure GBPJPY Short Term Trend: Bullish

Over the past few days, the bulls have maintained a consistent hold in the market with the price bouncing up a trend line. The EFI also maintained a positive value most of the time and quickly recovered when it dropped. However, on the 14th of September, the market plummeted below the trend line and the MA period 9 (Moving Average) to swing the market in the bears’ favor. The 151.130, however, helps the bulls in resisting the bearish pressure and overturning the market in favor of the buyers. Hence, the EFI force line has climbed back to a positive value.

Price is currently ascending after resisting another fall. GBPJPY will be looking to break through the triangle to reach 153.500.

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GBPJPY Enters Into a Ranging Territory

10 September 2021 | Updated: 10 September 2021

GBPJPY Price Analysis – September 10

GBPJPY enters into a ranging territory after forcing itself past the 151.390 key level. Using the 150.690 key level as support, the market has been making advances to break above this key level for the past 5 trading days. Finally, on the 1st day of September, Price successfully executed a break-out. 151.390 has now turned into support to prevent price from going down. However, bulls will have to contend with 153.270 to go further up also.


GBPJPY Significant Levels

Resistance Levels: 153.270, 154.440, 156.000
Support Levels: 151.390, 150.690, 149.450

GBPJPY enters into a rangingGBPJPY Long Term Trend: Ranging

Buyers can be said to have successfully overturned the market’s bearish agenda, as price has been moving significantly higher for the past 15 trading days, breaking through significant zones. Price now enters a ranging territory which is between 153.270 as resistance and 152.390 as support. Previous instances show that there is a tendency for the market to begin ranging in this zone.

The ranging movement of the market can be seen in the consistent increase and decrease of the histogram bars on the Moving Average Convergence Divergence chart, particularly from the 6th of July 2021. Also, the Moving Average period 10 can be seen to undulate within the zone before plunging downward. The 10MA has now carried the market back into the zone. Price is currently trading around 153.532 as it approaches the 153.270 resistance.

GBPJPY enters into a ranging GBPJPY Short Term Trend: Bullish

On the 4 hour chart, price is currently in an uptrend after bouncing off of 152.390 and is being pushed up by the MA period 10. There is a golden cross upward by the lines of the MACD at around the zero level. This is accompanied by increasing bullish histogram bars. This points to the fact that the market is currently bullish, and this is set to continue till the price touches the 153.270 resistance, where there is expected to be a major reaction in the market. Bulls, on the other hand, will fancy their chances against the resistance given the rate at which they are rising.

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