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GBP/JPY Technical Outlook Could Turn Bullish Again Soon

GBP/JPY Technical Outlook Could Turn Bullish Again Soon

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GBP/JPY Technical Outlook

  • GBP/JPY trading at steadfast trend-line
  • If it breaks the broader trend higher may resume

GBP/JPY Technical Outlook Could Turn Bullish Again Soon

GBP/JPY has been generally trending lower since May, but the price action has appeared to be more corrective than bearish. The trend since the March 2020 low remains pointed broadly higher, and that could soon reassert itself if the trend-line from May is broken.

It is a significant trend-line, as a result of price connecting along it at so many points since the May peak. Even in the short-term we can see its importance as sideways price action hugs the barrier. A strong breakout above it (close above the recent high at 152.29) should have GBP/JPY running.

In the event of a breakout, the first meaningful line of resistance to watch is in the low to mid 153s; this could indeed be a point of contention given it runs back to April and proved a problem during July and August. Beyond there we are looking at 155 up to the cycle high at 156.07.

On the flip-side, if GBP/JPY turns down from resistance, then attention will turn towards the March 2020 trend-line, 200-day moving average, and the lows created since March. It is possible that the price action since March is taking on the shape of a top, but at this juncture seems like the lesser likely scenario. We will worry about that should forward price behavior warrant such.

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GBP/JPY Daily Chart

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.