The GBP/JPY pair turned to the upside and now is trading at 184.59 at the time of writing. The price action signaled that the retreat ended and that the buyers could take it higher again. The upside pressure is high as the Yen Futures’ crash weakened the JPY.
Today, the UK banks were closed in observance of the Summer Bank Holiday. In the morning, the Japanese Unemployment Rate could bring some action if it comes in worse or better than expected. On the other hand, the UK is to release the BRC Shop Price Index. Don’t forget that the US is to release high-impact data which should move the JPY as well.
GBP/JPY In Buyers’ Territory!
As you can see on the H1 chart, the rate found support on the 50% (183.58) retracement levels. Now, it has jumped and stabilized above the 38.2% (184.33) retracement level.
The lower median line (lml) of the ascending pitchfork represents a dynamic support. As long as it stays above it, the rate should extend the leg higher.
GBP/JPY Outlook!
The weekly pivot point of 184.71 and 184.77 represent upside obstacles. A bullish closure above 184.77 is seen as a buying signal. The median line (ml) and the 23.6% (185.26) represent upside targets.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/JPY pair turned to the upside and now is trading at 184.59 at the time of writing. The price action signaled that the retreat ended and that the buyers could take it higher again. The upside pressure is high as the Yen Futures’ crash weakened the JPY.
Today, the UK banks were closed in observance of the Summer Bank Holiday. In the morning, the Japanese Unemployment Rate could bring some action if it comes in worse or better than expected. On the other hand, the UK is to release the BRC Shop Price Index. Don’t forget that the US is to release high-impact data which should move the JPY as well.
GBP/JPY In Buyers’ Territory!
As you can see on the H1 chart, the rate found support on the 50% (183.58) retracement levels. Now, it has jumped and stabilized above the 38.2% (184.33) retracement level.
The lower median line (lml) of the ascending pitchfork represents a dynamic support. As long as it stays above it, the rate should extend the leg higher.
GBP/JPY Outlook!
The weekly pivot point of 184.71 and 184.77 represent upside obstacles. A bullish closure above 184.77 is seen as a buying signal. The median line (ml) and the 23.6% (185.26) represent upside targets.
The material has been provided by InstaForex Company – www.instaforex.com
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