You are here: Home > articles > Forex > Technical Analysis – GBPJPY strictly capped below 20-period SMA
Technical Analysis – GBPJPY strictly capped below 20-period SMA
May 21, 2019 7:26 amVideo
Latest News
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
- EUR/USD. Analysis for April 12th. The euro falls down under the pressure of the news background April 12, 2024
- GBP/USD. Analysis for April 12th. A significant event: the pound fell below the 25-figure April 12, 2024
- Trading Signals for EUR/USD for April 12-15, 2024: buy above 1.0620 (-2/8 Murray – rebound) April 12, 2024
- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
GBPJPY continued with losses for the second week in a row, dropping to a four-month low of 139.53 last Friday and near a key support area before turning neutral.
The RSI in the four-hour chart continues to lack direction while remaining in bearish area and the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term.
However, should the price close comfortably above the 20-period moving average (SMA) (140.23), which has not been broken over the past two-weeks, traders could push the pair up to 141.19; the 23.6% Fibonacci of the downleg from 146.49 to 139.53 and a former key barrier. Other Fibonacci levels that acted as support and resistance in the recent past are 142.21 and 143 and these levels could now attract significant interest in case of an upswing.
In the negative scenario where the 20-period SMA continues to restrict upside moves, the market could retest the bottom of 139.53. If this level is overcome, the decline may next pause somewhere between 138.30-1.38.70, while even lower, investors could shift attention to the 137.40 number.
In brief, GBPJPY is in neutral mode in the very short-term time-frame and bearish in the bigger picture.
Related Posts: