GBP/JPY Challenges A Confluence Area!

30 April 2021 | Updated: 30 April 2021

GBP/JPY dropped aggressively in the short term and now is pressuring a support area. It’s traded at 151.41 at the time of writing lower versus 152.40 yesterday’s high.

The Japanese Yen could start decreasing again if the Nikkei (JP225) jumps higher after its minor decline. The Pound is still bullish versus its rivals, so it could take the lead again.

GBP/JPY H4 Technical Analysis!

GBP/JPY decreased a little from above 151.98 former high. Now it has retested the weekly R1 (151,36), the lower median line (lml), and the broken warning line (WL1).

We have a strong confluence area at the intersection of the mentioned support levels. So, a rejection or a false breakdown could send the rate higher again in the short term.

Conclusion!

A false breakdown or a rejection from the confluence area could bring a new swing higher in the short term.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.