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USD/JPY, GBP/JPY Forecast: Price May Rally Above Weekly Resistance

USD/JPY, GBP/JPY Forecast: Price May Rally Above Weekly Resistance

2019-08-29 09:47:00
Mahmoud Alkudsi, Market Analyst
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GBP/JPY and USD/JPY Outlook

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GBP/JPY – USD/JPY- Correcting Higher

Last week, GBP/JPY corrected higher creating a higher high at 130.70 – its highest level in three weeks however, the pair closed on Friday with a Doji pattern reflecting the market’s indecision at this stage.

On the other hand, USD/JPY behaved similarly creating a higher high by the end of last week at 106.73. The pair closed in the red the weekly candlestick with 0.8% loss.

This week, the Relative Strength Index (RSI) has remained flat around 45 on both pairs, indicating the downtrend loss of momentum on one side and the lack of impulse to start uptrend move on the other.

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GBP/JPY DAILY PRICE CHART (DEC 15, 2016 – AUG 29, 2019) Zoomed out

GBPJPY price daily chart 29-08-19 Zoomed out

GBP/JPY DAILY PRICE CHART (May 25 – AUG 29, 2019) Zoomed IN

GBPJPY price daily chart 29-08-19 Zoomed in

Looking at the daily chart, we notice at the start of this week GBP/JPY opened with a downward gap below the low end of the trading zone 128.80 – 130.84. However, the price retuned back to the same zone closing mentioned gap.

Yesterday, GBP/JPY tested again the low end of current trading zone then closed above eyeing a test of the high end. Thus, a close above the high end could send the price towards 1044.40 although, the weekly resistance levels marked on the chart (zoomed in) need to be followed closely.

On the flip-side, if GBP/JPY closes below the low end of the zone, this could resume bearish price action towards 126.77 . Nonetheless, the weekly support levels underscored on the chart should be kept in focus. See the chart to find out more about the lower trading zone/s with the weekly support levels the pair would encounter if the price falls further.

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USD/JPY DAILY PRICE CHART (April 15, 2017 – AUG 29, 2019) Zoomed out

USDJPY price daily chart 29-08-19 Zoomed out

USD/JPY DAILY PRICE CHART (June 4 – AUG 29, 2019) Zoomed in

USDJPY price daily chart 29-08-19 Zoomed in

Looking at the daily chart, we notice at the start of this week USD/JPY opened with a downward gap then returned to the same old trading zone 105.50 -107.30, closing mentioned gap and eyeing the high end of the zone (similarly to GBP/JPY).

Thus, a successful close above the high end of the zone may push USD/JPY towards 108.61. However, the weekly resistance levels underscored on the chart would be worth monitoring. See the chart to know more about the higher trading zone with the weekly resistance levels the price would face in a further bullish move.

In turn, any close below the low end of the zone could send the price towards 104.77. Further close below this level could see USD/JPY trading even lower towards 103.76. Although, the weekly support levels underlined on the chart (zoomed in) should be considered.

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.

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