You are here: Home > articles > Forex > Technical Analysis – GBPJPY consolidates after pullback pauses
Technical Analysis – GBPJPY consolidates after pullback pauses
September 29, 2023 8:25 amVideo
Latest News
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
GBPJPY slid below 50-day SMA last week after BoE’s unexpected decision to hold rates steady
Found its feet at the lower end of the Ichimoku cloud and has been directionless since then
Are the bulls ready to re-take charge?
GBPJPY had been stuck in a prolonged uptrend since January, posting an eight-year high of 186.75 on August 22. However, the pair has been experiencing a downside correction in the past month which has stalled for now as the short-term oscillators currently suggest that bullish pressures are slowly re-emerging.
Should the price march higher and reclaim its 50-day simple moving average (SMA), immediate resistance could be met at the July peak of 184.00. Piercing through that wall, the pair could revisit its eight-year high of 186.75. If that hurdle also fails, the price could ascend to fresh multi-year highs, where the 190.00 psychological mark might curb further advances.
On the flipside, if selling interest persists, the bears could attack the recent support of 180.72. Even lower, the July barrier of 179.45 could provide additional downside protection. Breaking below that level, the price might face the July bottom of 172.29.
In brief, GBPJPY has been undergoing a strong pullback, which appears to be fading. Nevertheless, the bulls should not get excited until the price conquers the 50-day SMA.
Related Posts: