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
Bearish
GBP/USD
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
USD/JPY
Mixed
Gold
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
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • #USDollar May Rise if US #GDP Data, #TradeWar Risks Spook Markets https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2019/09/21/US-Dollar-May-Rise-if-US-GDP-Data-Trade-War-Risks-Spook-Markets.html
  • Asia #FX markets will be closely watching for developments in the ongoing China-led RCEP trade negotiations against the backdrop of slower global growth and rising protectionism. Get your market update from @ZabelinDimitri here: https://t.co/HZ8Loqj3Ey https://t.co/g332JcY549
  • What are trading journals? How can you create one and reduce your #FOMOintrading? Find out: https://t.co/0akgWbyJEw https://t.co/Xyy7rxZHip
  • 💷 $GBP British Pound Weekly Technical Outlook My latest take on Sterling price action as #Brexit risk comes back into scope. Commentary on the charts and implied volatility table included. More via @DailyFX ➡️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/09/21/gbp-to-usd-price-analysis-british-pound-eyes-rise-in-brexit-risk.html https://t.co/Hd6LAurfqG
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/SCHhCQhlFV
  • What are the common trading myths which can create #FOMOintrading? Find out: https://t.co/sDbOusCpzg
  • Walk through the new and improved IG Client Sentiment Data with @PeterHanksFX here: https://t.co/FTm5nXIAmq
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/Lk229DNh6n
  • Catch up with @JStanleyFX as he walks through some FX price action setups post-FOMC. Get your recap here: https://t.co/MD2PB33t0L
  • What is the @ecb (European Central Bank)? What are the key mandates of the bank and how can it affect the #forex market? Find out: https://t.co/romV4hPQJv https://t.co/4nlCaUNhpD
USD/JPY, GBP/JPY Price: US Dollar Rebounds at Support, Pound Holds on

USD/JPY, GBP/JPY Price: US Dollar Rebounds at Support, Pound Holds on

2019-08-08 14:02:00
Mahmoud Alkudsi, Market Analyst
Share:

GBP/JPY and USD/JPY Price Outlook

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

GBP/JPY – USD/JPY- Stronger Japanese Yen Across the Board

At the start of this week, Japanese Yen firmed against main currencies. GBP/JPY printed 128.11- its lowest level in nearly 21 months. In turn, USD/JPY tested yesterday105.49 its lowest in seven months.

At the end of July, the Relative Strength Index (RSI) dipped below 30 on GBP/JPY and remained in the oversold territory, emphasizing the strength of bearish momentum. On the other hand, the oscillator crossed below 50 on USD/JPY indicating to a start of a downtrend move.

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

GBP/JPY DAILY PRICE CHART (JAN 8, 2017 – AUG 8, 2019) Zoomed out

GBPJPY price daily chart 08-08-19 Zoomed out

GBP/JPY DAILY PRICE CHART (April 15 – AUG 8, 2019) Zoomed IN

GBPJPY price daily chart 08-08-19 Zoomed in

Looking at the daily chart, we notice since the start of this week GBP/JPY has been trading ineffectively although, yesterday the pair continued moving in the higher trading zone 128.80 – 130.84. Hence, if the price kept on closing above the low end of this zone, this could send it towards the high end. However, the daily resistance levels underlined on the chart (zoomed in) should be monitored.

On the flip-side, a close below the low end could press the price towards 126.77. Nonetheless, the weekly support vicinity underscored on the chart should be kept in focus.

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

USD/JPY DAILY PRICE CHART (FEB 15, 2018 – AUG 8, 2019) Zoomed out

USDJPY daily chart 08-08-19 Zoomed out

USD/JPY DAILY PRICE CHART (MAY 15 – AUG 8, 2019) Zoomed in

USDJPY daily chart 08-08-19 Zoomed in

Looking at the daily chart, we notice yesterday USD/JPY rebounded form the low end of the trading zone 105.50 – 107.30 and currently the pair eyes a test of the high end.

Thus, a close above the high end of this zone could cause a rally towards 108.61. However, the weekly resistance levels marked on the chart (zoomed in) need to be watched along the way.

On the other hand, any close below the low end of the zone may send the price towards 104.77. Although, the weekly support level highlighted on the chart would be worth monitoring. See the chart to know more about the lower trading zone and the weekly support levels sellers would encounter in a further bearish scenario.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES

News & Analysis at your fingertips.