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
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
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • EU's Barnier says he remains determined for a Brexit deal $GBP
  • 🇬🇧 Markit/CIPS Composite PMI Flash (SEP) Actual: 55.7 Expected: 56.3 Previous: 59.1 https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇬🇧 Markit/CIPS UK Services PMI Flash (SEP) Actual: 55.1 Expected: 56 Previous: 58.8 https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇬🇧 Markit/CIPS Manufacturing PMI Flash (SEP) Actual: 54.3 Expected: 54.1 Previous: 55.2 https://www.dailyfx.com/economic-calendar#2020-09-23
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/txgNCgB5Y8
  • Heads Up:🇬🇧 Markit/CIPS Composite PMI Flash (SEP) due at 08:30 GMT (15min) Expected: 56.3 Previous: 59.1 https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇬🇧 Markit/CIPS UK Services PMI Flash (SEP) due at 08:30 GMT (15min) Expected: 56 Previous: 58.8 https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Flash (SEP) due at 08:30 GMT (15min) Expected: 54.1 Previous: 55.2 https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇵🇱 Unemployment Rate (AUG) Actual: 6.1% Expected: 6.1% Previous: 6.1% https://www.dailyfx.com/economic-calendar#2020-09-23
  • 💶 Markit Manufacturing PMI Flash (SEP) Actual: 53.7 Expected: 51.9 Previous: 51.7 https://www.dailyfx.com/economic-calendar#2020-09-23
GBP Sterling Outlook: How GBP/JPY Price Could End Current Sideways Movement

GBP Sterling Outlook: How GBP/JPY Price Could End Current Sideways Movement

2019-07-04 09:40:00
Mahmoud Alkudsi, Analyst
Share:

GBP/JPY Price Forecast

  • GBP Sterling Charts and Analysis
  • GBP/JPY price action.

See our free trading guide to help build confidence when you trade on JPY, USD and other main currencies Download for free our latest Q3 trading guides

GBP/JPY – The Sellers indecision

On June 25, GBP/JPY corrected higher and created a higher low 135.81. Yesterday, the pair printed 135.17- its lowest level in six months, however; closed with a Doji pattern reflecting the seller’s indecision to keep pressing the price lower.

At the start of this week the Relative Strength Index (RSI) fell from 43 to 34 then remained flat highlighting an exhausted bearish momentum and possibly more of a sideways movement.

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

GBP/JPY DAILY PRICE CHART (Oct 13, 2016 – JULY 4, 2019) Zoomed out

GBP/JPY price daily chart 4-07-19 Zoomed Out

GBP/JPY DAILY PRICE CHART (MAR 24, – JULY 4, 2019) Zoomed IN

GBP/JPY price daily chart 04-07-19 Zoomed in

Looking at the daily chart we notice on Tuesday GBP/JPY entered the lower trading zone 135.55 – 136.40, however; it failed yesterday to close below the low end of the zone. Hence; if the sellers repeat their attempt then a close below the lower end could press the price lower towards 133.40, although; the weekly support levels marked on the chart (zoomed in) should be kept in focus.

In turn, we notice GBP/JPY is eying today the high end of the trading zone after closing yesterday above the lower end. Additionally, a close above this level may cause the price to rally towards 139.00, however; the weekly resistance levels underlined on the chart would be worth monitoring.

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

GBP/JPY Four-HOUR PRICE CHART (JunE 18 – July 4, 2019)

GBP/JPY price 4hour chart 04-07-19

Looking at the four-hour chart, we notice yesterday GBP/JPY broke below the low end of the trading range 135.78 – 137.17 then rebounded from 135.17, therefore; a break below this threshold may send the price even lower towards 134.38 contingent on clearing the weekly support underlined on the chart.

On the other hand, we notice the pair is eyeing today a return to the aforementioned trading range, hence; a break above 1340.40 may cause the price to rally to the high end of this range, nonetheless; the daily resistance levels highlighted on the chart need to be watched along the way. See the chart for more details if the rally continued above mentioned levels.

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