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
Bullish
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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/yLt0ldtMsV
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/ZwwuTzTeac
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/4DGXwA8vqs
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/mAMhWbV6Jy
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
GBP/JPY Eyes a Test of Weekly Support, GBP vs JPY Price Forecast

GBP/JPY Eyes a Test of Weekly Support, GBP vs JPY Price Forecast

Mahmoud Alkudsi, Analyst

GBP/JPY Technical Analysis

  • Bearish signals on GBP vs JPY price chart
  • GBP/JPY develops a continuation pattern

GBP/JPY- Hesitant Bears

On Tuesday, GBP/JPY declined to a near four week low at 131.91 then rallied after, as some bears seemed to cover. Yet, on Friday the market closed the weekly candlestick with a 1.1% loss.

Alongside that, the Relative Strength Index (RSI) remained flat below 50, highlighting paused bearish momentum.

GBP/JPY Daily PRice CHART (JUNe 21, 2018 – April29, 2020) Zoomed Out

GBPJPY daily price chart 29-04-20 zoomed out
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

GBP/JPY Daily PRice CHART (FEB 23 – April 29, 2020) Zoomed In

GBPJPY daily price chart 29-04-20 zoomed in

From the daily chart, I noticed that on April 9 GBP/JPY rallied to its highest level in a near five weeks. The price U-turned after, signalling a weaker bullish sentiment. On April 21, GBP/JPY declined to the current trading zone 128.84 -133.30.

The market failed on multiple occasions to return to the higher zone. Therefore, GBPJPY may fall towards the low end of the aforementioned trading zone. A further close below that level could send the price even lower towards 125.50. In that scenario, the weekly support levels underlined on the chart (zoomed in) should be considered.

On the other hand, a close above the high end reflects bears hesitation. This could start a rally towards the 137.83. A further close above that level may extend this rally towards 143.20. That being said, the daily and weekly resistance levels marked on the chart would be worth monitoring.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

GBP/JPY Four Hour PRice CHART (April 2 – April 29, 2020)

GBPJPY four hour price chart 29-04-20

Looking at a four-hour chart, I noticed that on April 21 GBP/JPY broke below the uptrend line originated from the April 3 low at 132.54. Later on, the price developed a symmetrical triangle.Today, the price broke below the lower line of this pattern generating a bearish signal.

A break below 130.84 could resume bearish price action towards 129.65. Yet, the weekly support level underscored on the chart should be kept in focus. In turn, a break in the other direction i.e. above 134.20 may cause a rally towards 134.92. Nevertheless, the daily resistance level printed on the chart should be watched closely.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Written By: Mahmoud Alkudsi,Market analyst

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