GBPJPY on the daily chart is currently bearish and has retraced 61.8% of the up-leg from the November 5 low (156.61) to the January 2 high (174.74).
The decline accelerated after the pair broke below an important support level at 167.80 (which is the 38.2% Fibonacci retracement level). Support is currently being provided by the 61.8% Fibonacci level and the 100-day moving average. RSI is falling and currently in bearish territory.
A further price drop would bring the key psychological level of 160.00 into play and below this the November 5 low of 156.61. GBPJPY is bullish in the long-term (weekly chart) as the market is above the three moving averages (20, 50 and 100 – day. All three lines are rising.
For those with a bullish long-term outlook, these support levels would be a good opportunity to enter long positions.
A break below the November 5 low (156.61) would cancel the bullish scenario.
GBPJPY on the daily chart is currently bearish and has retraced 61.8% of the up-leg from the November 5 low (156.61) to the January 2 high (174.74).
The decline accelerated after the pair broke below an important support level at 167.80 (which is the 38.2% Fibonacci retracement level). Support is currently being provided by the 61.8% Fibonacci level and the 100-day moving average.
RSI is falling and currently in bearish territory.
A further price drop would bring the key psychological level of 160.00 into play and below this the November 5 low of 156.61.
GBPJPY is bullish in the long-term (weekly chart) as the market is above the three moving averages (20, 50 and 100 – day. All three lines are rising.
For those with a bullish long-term outlook, these support levels would be a good opportunity to enter long positions.
A break below the November 5 low (156.61) would cancel the bullish scenario.
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