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Forex Market Analysis – GBPJPY Looks Bullish

Forex Market Analysis – GBPJPY Looks Bullish

The GBPJPY is trying to push higher but cannot appear to get above resistance (yet). i’ll buy after a confirmed break above resistance (I’ll use a 15 min candle above to confirm), then wait for a pullback near former resistance/new support. option B: If up trending support fails i’ll open a short position (I’ll use a 15 min candle below to confirm), then wait for a pullback close to former support/new resistance. That said, the GBPJPY has backed away from the 141.45 level. that usually means a push higher. For currently it’s simply patience and watching.

Forex Market Analysis

In Other View Point – GBP/JPY RESISTANCE AHEAD ! WATCH PRICE ACTION AROUND

Pound has been soaring past a lot of resistance levels and its approaching the 61.8% fib level @ 141.88 -98 as well as T.L resistance from Dec 15th 2016 , time to stay on the sidelines and watch how price reacts to this level and T.L resistance.A strong pull back or resumption of the bearish trend towards the downside can occur.

Forex Market Analysis

In Another View Point – GBP stregnthened against JPY at the start of London session

GBPJPY and GBPCAD were in my radar at the beginning of London session.I selected GBPJPY because JPY was much weaker than CAD at the time of entry. In the end, it seems that both pairs weren’t too bad. i’m targeting a 1:1 risk reward ratio but i will be extra careful when price reaches 142.

Forex Market Analysis

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Mohammad Riad

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  • GBP/JPY Technical Analysis: April 6, 2017

    The British pound against the Japanese yen broke in the upper channel during the Wednesday session which is a sign of consolidation. The market will most likely try to reach the 140 handle but there is a noise down below for a long-term pressure. A break lower than the 50% Fibonacci retracement level gives a bearish bias which would push the trend to fall towards the 134 handle. Overall the pair gives a choppy atmosphere and with trading activity moving fast. With the ongoing Brexit process, this would affect the trading for this pair.

  • GBP/JPY Technical Analysis: April 24, 2017

    This week showed that the pair GBP/JPY have rallied throughout the week, hitting the handle 140.

    In case that the 141 region will be broken, the market would advanced higher. A pullback with buying opportunities is significant except that we could cut down lower than the weekly lows.

    It is highly expected that the market will resume its activity to search for buyers considering the British currency to gain much strength.

    Keep in mind that the GBP/JPY is very much susceptible to risk appetite which is important for you to be aware of the stock markets. Moreover, it is possible that 150 handle will be the most profitable level.

  • GBP/JPY Technical Analysis: May 10, 2017

    The British pound paired with the Japanese yen rallied during the Tuesday session. The market reached the 147.50 level and tries to reach the 148 handle. There is still a lot of space to climb higher towards the next target of 150 handle. Later on, the 147 level could become a support level.

    Amongst a basket of currencies, the Japanese yen sells off the most and sensitive to risk appetite as a whole. Traders should not forget the pair to be volatile and long-term deals is predominant in traders.

    The market should also monitor the stock market which is performing well relative to indices such as the S&P 500. Although, traders should expect volatility as it climbs higher and it seems that there is sufficient buying pressure to push the price higher. Nevertheless, reversals open opportunities to gain for this pair, especially for yen related market. It may not be advisable to sell this for now with buyers leading the market. There is still risk appetite which could induce the pair to further go up.

  • GBP/JPY Technical Analysis: May 31, 2017

    The national currency of Britain weakened amid Tuesday trading, however, it had a significant rebound from the area 141.80 reaching the 143 handle. A break over the daily highs would direct the market in a higher position, as it may reach 144 level without plenty of issues.

    Generally, the Sterling holds a significant amount of reversal throughout the day since the Cable further exhibited active signs. This could probably be a correction for the oversold condition where the GBP sees itself, after the election polling it became tighter exceeding its expectations in the past. Moreover, the figures decreased inclined with the conservative administration. Having said that, the uptrend will resume eventually, hence buying is highly preferred on the gap above the highest.

    Remember that the pairs relative to Japanese yen appeared to very sensitive to risk. This could be considered as one of the most delicate pairs, the simultaneous rally of the stock market is a big help that could move 100 pips in an instant.

    Either way, a cut through underneath 142.50 region would allow the market to touch 142 handle once again.

    The daily candle begins to display a bullish stance which signals that buyers will return, nevertheless, it could be best that you’ll wait for the market to reveal hints to initiate the buying, as a means to safeguard your account against an extensive volatility.

  • GBP/JPY Technical Analysis: June 9, 2017

    The British pound paired against the Japanese yen had a volatile session during the Thursday session. This is not surprising because of the U.K. parliamentary elections. Although, traders are not sure what is the general attitude of the market regarding Brexit leaving uncertainty in investors.

    Towards the end of the day, the pair rallies forward with 61.8% Fibonacci retracement level close to the 142.75 handle. Low levels have been higher which could continue to go up. The 143 region is starting to be strongly resistive and if the market is successful in breaking this level, the price could move higher. As of now, the market is still in consolidation.

    However, if the price fell down to the 142 handle, there are more buyers interested in this pair. If the market is successful to break out in the upper channel, it will suggest a “risk on/off” sentiment which is a common reaction here. Traders should be cautious to avoid losses since they could incur bigger losses if not careful. Same goes for the USD/JPY pair and position in smaller trades which is relevant for this pair.

    Nevertheless, it is also a good move to buy the pair for long-term but still with some caution before posting large orders since the market is still unstable. It is safer to wait until next week or after the results of U.K. election.

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