News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link: https://t.co/wWFnbAwIDO https://t.co/6G…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/09/17/US-Dollar-Price-Action-Setups-pre-FOMC-EURUSD-EUR-USD-GBP-USD-GBPUSD-USD-CAD-USDCAD.html https://t.co/J25MYsXCa9
  • The US Dollar is pushing up to a fresh September high after the release of University of Michigan Consumer Sentiment data. Get your $USD market update from @JStanleyFX here:https://t.co/2CDNZh2a89 https://t.co/bULXuCaHKk
  • I have this $SPX chart taking over one of my whole screens, and I just keep staring at that 50-day moving average... https://t.co/R9LQAuL2DL
  • RT @TheStalwart: Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability…
  • Selling pressure strengthening in Wall Street two hours before the close. S&P 500 down roughly 1% intraday, the largest decline since August 18th #trading $SPX $SPY
  • One of the strongest correlation with Bitcoin at the moment is the US 10-Year Treasury yield https://t.co/uZBzJ7yiXf
  • Aside from the rising uncertainty in China over Evergrande default risks, two central bank decisions will dominate the market theme next week. Get your market update from @JMcQueenFX here:https://t.co/5xXv7IDLxE https://t.co/gHCO4B7Cql
GBP/JPY Technical Outlook Could Turn Bullish Again Soon

GBP/JPY Technical Outlook Could Turn Bullish Again Soon

Paul Robinson, Strategist

GBP/JPY Technical Outlook

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

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.

GBP/JPY Daily Chart

gbp/jpy daily chart

GBP/JPY Charts by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---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.

DISCLOSURES