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.

Free Trading Guides
EUR/USD
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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/Q3sPmP2rya #tradingstyle https://t.co/sSU5q2ObQm
  • Missed today's Cross-Market Weekly Outlook webinar? See the recording here: https://t.co/d1rb3hCZTH We discussed: - US-China #trade deal - #Brexit outlook after the UK general election - US #Dollar outlook going into 2020
  • European Opening Calls From IG: #FTSE 7392 +0.53% #DAX 13346 +0.48% #CAC 5955 +0.60% #AEX 607 +0.74% #MIB 23509 +0.77% #IBEX 9622 +0.61% #STOXX 3754 +0.61%
  • Traders should know how to confidently approach, enter and exit both Bull or Bear markets. Need some insight into it? Get it from @nickcawley1 here: https://t.co/GhvvFrB3gz https://t.co/IbzSBk5Hb1
  • Join @DavidCottleFX 's #webinar at 3:00 AM ET/8:00 AM GMT for your weekly update on the top Asia Pacific market drivers that traders should watch this week. Register here: https://t.co/HNf3Axw8s5 https://t.co/iMMiza1J1d
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/im72E4Szmi
  • The Riksbank – the world’s oldest central bank - will exit its negative interest rate policy for the first time in known history as officials explore uncharted territory with unknown consequences. https://www.dailyfx.com/forex/fundamental/article/special_report/2019/12/16/Worlds-Oldest-Central-Bank-to-Exit-Negative-Rate-Policy-First.html
  • The Indonesian Rupiah, Malaysian Ringgit, Philippine Peso and Singapore Dollar may continue their rise against the US Dollar on global optimism amid a US-China trade deal #ASEAN #IDR #PHP #USD - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/12/16/Indonesian-Rupiah-Malaysian-Ringgit-May-Rise-on-US-China-Deal.html?CHID=9&QPID=917702 https://t.co/GYaUYookwM
  • LIVE NOW: In this session, Currency Analyst @ZabelinDimitri will preview the upcoming week's main political themes and discuss their impact on financial markets. https://www.dailyfx.com/webinars/146770987
  • LIVE IN 30 MIN: In this session, Currency Analyst @ZabelinDimitri will preview the upcoming week's main political themes and discuss their impact on financial markets. https://www.dailyfx.com/webinars/146770987
Pound Sterling Price Analysis: GBP/JPY Important Resistance Levels

Pound Sterling Price Analysis: GBP/JPY Important Resistance Levels

2019-06-10 09:30:00
Mahmoud Alkudsi, Market Analyst
Share:

GBP/JPY Price Outlook, Charts and Analysis

  • GBP Sterling looking ahead to weekly earning numbers due to release tomorrow.
  • GBP/JPY looking to correct higher.

Did we get it right with our GBP and JPY forecasts? Find out more for free from ourQ2 GBP and JPY and main currencies forecasts

To learn more about data releases for this week check outDailyFX Economic Calendar

GBP/JPY – Bears Holding Fire

On June 4 bearish momentum started to fade as support level held. Since then GBP/JPY rallied and tested on Jun 7 the high end of the trading range (136.40 – 137.84), however it failed to close above.

Alongside, the Relative Strength Index (RSI) on Jun 6 abandoned the oversold territory and pushed above 30 reflecting the weakness in the bearish momentum.

Having trouble with your trading strategy?Here’s the #1 Mistake That Traders Make

GBP/JPY DAILY PRICE CHART (FEB 24, 2019 – JUnE 10, 2019) Zoomed In

GBP/JPY price daily chart 10-06-19 Zoomed in

GBP/JPY DAILY PRICE CHART (NOV 10, 2016 – JUnE 10, 2019) Zoomed OUT

GBP/JPY price daily chart 10-06-19 Zoomed Out

Looking at the GBP/JPY daily chart we notice the pair opened today with a gap to the upside, sending the price to trade in a higher trading range (137.84 – 139.00). Therefore, a close above 137.84 suggests more bullishness towards 139.00. A further bullish close above 139.00 could lead the price to rally towards 140.50. However, resistance levels at 139.55 and 140.06 need to be watched closely.

In turn, a close below 137.84 would return GBP/JPY to trade in the same old trading range with a likelihood to trade lower to 136.40. The weekly support levels at 137.55 and 136.99 would be worth monitoring.

Just getting started?See our Beginners’ Guide for FX traders

GBP/JPY Four-HOUR PRICE CHART (May 13, 2019- JUN 10, 2019)

GBPJPY price 4hour chart 10-06-19

Looking at the four- hour chart, on last Friday GBP/JPY pointed lower and created a low at 137.48. Therefore, a break below this threshold could open the door for more bearishness towards the June 6 low at 136.99 and if the selloff continues the bears could push towards the June 4 low at 136.55.

On the flipside, if GBP/JPY breaks above the May 30 high at 138,74 this could send the price to trade higher eying the resistance zone at 139.55 – the May 27 high at 139,64. However, weekly resistance at 139.00 need to be in focus.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES

News & Analysis at your fingertips.