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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/ApsjkNfGMO
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.63% Silver: 0.61% Gold: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nO754swCBo
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.30% 🇦🇺AUD: 0.07% 🇨🇦CAD: 0.00% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.09% 🇯🇵JPY: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rdSUCcdssH
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.56%, while traders in France 40 are at opposite extremes with 80.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/85hvnrXx2Y
  • 🇦🇺 Retail Sales MoM Final (MAR) Actual: 1.3% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-05-10
  • Heads Up:🇦🇺 Retail Sales MoM Final (MAR) due at 01:30 GMT (15min) Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-05-10
  • Dow Jones, Hang Seng, ASX 200 Outlook: Big NFP Miss Defies Tapering Fears https://www.dailyfx.com/forex/market_alert/2021/05/10/Dow-Jones-Hang-Seng-ASX-200-Outlook-Big-NFP-Miss-Defies-Tapering-Fears.html https://t.co/36W8etHCDr
  • Please join @IlyaSpivak at 22:00 EST/2:00 GMT for a cross-market weekly outlook webinar. Register here: https://t.co/E213bTtq5C https://t.co/6PbIKTwhqO
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/ownmpdUkvg
  • Optimism about post-Covid recovery drove capital from tech and into cyclical sectors, boosting the Dow Jones and pulling down the Nasdaq 100. Inflation expectations hit a multi-year high. Will this trend be sustained? Market update from @margaretyjy here: https://t.co/g8XqIhX860 https://t.co/6mJifUKgYl
GBP/JPY Price: Bears Need a Break Below the Weekly Support

GBP/JPY Price: Bears Need a Break Below the Weekly Support

Mahmoud Alkudsi, Analyst

GBP/JPY Price Outlook, Charts and Analysis

  • Boris Johnson’s growing chances to be the UK’s next PM weigh on Sterling (GBP) price. Eyes on BOE Governor Carney’s speech today.
  • GBP/JPY looking to trade lower.

Did we get it right with our GBP and JPY forecasts? Find out more for free from our Q2 GBP and JPY and main currencies forecasts

GBP/JPY – Bearish Move Developing

On Jun 11, GBP/JPY corrected higher after carving out a higher low at 137.48. The pair faced important resistance levels and the correction move stopped on Jun 11.

The Relative Strength Index (RSI) has been pointing lower since June 11 emphasizing the bears clear intention to resume the sell-off.

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

GBP/JPY DAILY PRICE CHART (FEB 21, 2019 – JUnE 14, 2019) Zoomed In

GBPJPY price daily chart 14-06-19 Zoomed in

GBP/JPY DAILY PRICE CHART (NOV 10, 2016 – JUnE 14, 2019) Zoomed OUT

GBP/JPY price daily chart 14-06-19 Zoomed Out

A close look at the daily chart shows GBP/JPY looking to resume its bearish move, eyeing to break below the zone at 136.40 – 136.55. Therefore, a close below this zone could kick start a bearish bias towards 133.40. The weekly support at 134.92 and 134.20 need to be watched along the way.

If the price fails to close below the zone mentioned above, a rally could start towards 139.00. However, daily resistances at 137.48 and the vicinity at 138.36- 46 would be worth monitoring.

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

GBP/JPY Four-HOUR PRICE CHART (May 29, 2019- JUN 14, 2019)

GBP/JPY price 4hour chart 14-06-19

Looking at the four-hour chart, we notice GBP/JPY testing the Jun 6 low. Next trough to test is the June 4 low, therefore if the pair breaks below 136.55 the bearish momentum may resume eyeing 136.00. Although, the weekly support at 136.40 needs to be cleared first. See the chart for the key levels if the selloff continues below 136.00.

It’s worth noting that GBP/JPY rallied yesterday and stopped at 137.78. Any break above this threshold might send the price towards the June 11 peak (weekly high) at 138.32. However, the resistance at 138.24 (Jun 22 high) needs to be kept 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