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).

 

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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Author : Olimpiu Tuns

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.