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
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • The $GBP swung wildly following a series of votes that are critical in the #Brexit proceedings. Get your market update from @PeterHanksFX here:https://t.co/kEb6EeUdMu https://t.co/xceWoNxSXg
  • LIVE IN 30 MIN: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • (Asia Pacific AM Briefing) GBP/USD Rate Sinks as Brexit Limbo Opens the Door to Yen Strength $GBPUSD #Brexit #Yen - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/10/22/GBPUSD-Rate-Sinks-as-Brexit-Limbo-Opens-the-Door-to-Yen-Strength.html?CHID=9&QPID=917702 https://t.co/oyeoDOXO1I
  • Sneak-peak of the latest US Dollar Price Volatility Report, which brings you up to speed on everything $GBPUSD and #Brexit. Implied volatility and trading range table for major USD pairs included as always. Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/10/22/us-dollar-price-volatility-report-gbp-to-usd-in-brexit-limbo.html https://t.co/dOG8Hkg9fe
  • #EURCHF pivot points (daily) – S3: 1.0946, S2: 1.0977, S1: 1.0994, R1: 1.1026, R2: 1.1041, R3: 1.1073- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/FnPAjzSW1H
  • For those who want to know who made the cut in this year's episode of...how doomed are we? #EmergingMarkets https://t.co/f7S5IfSEqP
  • List of emerging market countries where the central bank has cut rates this year: Mexico 🇲🇽 Egypt 🇪🇬 Paraguay 🇵🇾 China 🇨🇳 Indonesia 🇮🇩 Jordan 🇯🇴 Saudi Arabia 🇸🇦 Brazil 🇧🇷 Vietnam 🇻🇳 India 🇮🇳 Russia 🇷🇺 Turkey 🇹🇷 Chile 🇨🇱 Peru 🇵🇪 Thailand 🇹🇭 Malaysia 🇲🇾 Serbia 🇷🇸 and many more...
  • With #Brexit deal talks ongoing, and the US-China trade war in a state of truce, EM #FX has been able to recover ground during October. Get your market update from @CVecchioFX here:https://t.co/jRBAX0KKvC https://t.co/szAJhc6CLj
  • LOL clever. https://t.co/LPjPX2lYEd
USD/JPY, GBP/JPY Price Outlook: Positive Reversal as Support Holds

USD/JPY, GBP/JPY Price Outlook: Positive Reversal as Support Holds

2019-08-15 14:00:00
Mahmoud Alkudsi, Market Analyst
Share:

GBP/JPY and USD/JPY Forecast

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- Reversing From New Lows

On Monday, both British Pound and US Dollar weakened against Japanese Yen, with GBP/JPY testing its lowest level in over two and half years at 126.55. Meanwhile, USD/JPY printed 105.05 – Its lowest level in over seven months.

This week the Relative Strength Index (RSI) climbed above 30 on GBP/JPY, then moved for the first time since the start of the month outside of the oversold territory, highlighting the weakened downtrend momentum. On the other hand, the oscillator rebounded from 30 then pointed higher to 43 on USD/JPY indicating to the seller’s loss of control.

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

GBP/JPY DAILY PRICE CHART (DEC 8, 2016 – AUG 15, 2019) Zoomed out

GBPJPY price daily chart 15-08-19 Zoomed out

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

GBPJPY price daily chart 15-08-19 Zoomed in

Looking at the daily chart, we notice on Monday GBPJPY U-turned nearby the low end of current trading zone 126.77 – 128.80 closing above and eyeing a test of the high end.

Today, the pair is testing the high end of the zone for the second time this week. Hence, a close above this level could push the price towards 130.84. Although, the weekly resistance levels underlined on the chart (zoomed in) need to be watched along the way. See the chart to know more about the higher trading zone with the weekly resistance levels buyers may encounter in a further bullish move.

In turn, any failure in closing above the high end of the zone could send the price towards the low end. Further close below the low end may press the GBPJPY towards 125.50. However, the weekly support levels 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 (JAN 22, 2018 – AUG 15, 2019) Zoomed out

USDJPY daily chart 15-08-19 Zoomed out

USD/JPY DAILY PRICE CHART (March 21 – AUG 15, 2019) Zoomed in

USDJPY daily chart 15-08-19 Zoomed in

Looking at the daily chart, we notice on Tuesday USDJPY reverted back to the same old trading zone 105.50 -107.30 eyeing a test of the high end.

Thus, a close above the high end of the zone could push the price towards 108.61. Nonetheless, the weekly resistance levels marked on the chart (zoomed in) would be worth monitoring.

On the flip-side, any failure in closing above the high end could lead the price towards the low end of the zone. Further close below the low end could see USD/JPY trading even lower towards 104.77. The weekly support level at 105.00 handle should be watched closely.

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.