GBP/JPY Flag pattern
September 22, 2023 7:22 pmVideo
Latest News
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
The GBP/JPY pair rebounded in the short term, but this could be only temporary. It’s located at 181.63 at the time of writing. The Japanese Yen Futures’ short-term drop forced the pair to grow. Technically, the bias remains bearish, so more declines are in cards.
Fundamentally, the BOJ left the Policy Rate at -0.10 as expected, National Core CPI rose by 3.1% beating the 3.0% growth expected, while Flash Manufacturing PMI came in worse than expected. On the other hand, the UK Retail Sales indicator reported only a 0.4% growth versus the 0.5% growth forecasted, while the Flash Manufacturing PMI and Flash Services PMI confirmed contraction.
GBP/JPY bearish bias
Technically, the price crashed after registering only false breakouts through the downtrend line. After its massive drop, a rebound was natural. The price action developed a flag pattern.
This could represent a bearish continuation formation. The former low of 181.31 represents a key static support.
GBP/JPY outlook
As long as it stays below the downtrend line, the GBP/JPY pair could drop deeper. A new lower low, a bearish closure below 181.31 activates more declines and is seen as a short opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: