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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • Coming up at half past the hour: my weekly webinar on market #sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?ref-author=essex&CHID=9&QPID=917711
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 1.67% Wall Street: 0.90% Germany 30: 0.89% US 500: 0.65% FTSE 100: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5LHY5FmIF9
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/I6VTWPtUwc
  • Canadian Dollar Forecast: USD/CAD Price- Ready to Edge Lower? More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2020/05/26/Canadian-Dollar-Forecast-USDCAD-Price-Ready-to-Edge-Lower-MK.html?CHID=9&QPID=917714 https://t.co/eTYFyolGbV
  • Vaccine hopes, a Franco-German recovery package proposal, and a Fed that is committed to provide further liquidity has taken some of the shine off the safe-haven US Dollar.Get your market update from @JMcQueenFX here:https://t.co/GeN07sifc0 https://t.co/r8RTJC8bBG
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/3XSyQQShxq
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/rpZihwpSS1
  • Gold Prices Echo US Dollar Drop as Market Mood Improves - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/05/26/Gold-Prices-Echo-US-Dollar-Drop-as-Market-Mood-Improves.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #gold #xauusd #CrudeOil #OOTT
  • EU ready to drop maximalist approach to fisheries negotiations with the UK in the next round of Brexit talks (June 1st-5th), according to sources
  • USDMXN leaning on 50% Fib retracement - lower highs and lower lows still dominant. #usdmxn #mexicanpeso @DailyFXTeam https://t.co/GzYTHx7trp
GBP/JPY Price Outlook: Failed at Resistance Now Eyes Support

GBP/JPY Price Outlook: Failed at Resistance Now Eyes Support

2020-05-13 14:00:00
Mahmoud Alkudsi, Analyst

GBP/JPY Technical Forecast

GBP/JPY- Bears in Charge

On Wednesday, GBP/JPY printed 130.66- its lowest level in six weeks. Later on, the price rallied and settled above 131.00 as some bears seemed to cover. Yet, on Friday the market closed the weekly candlestick with a near 1.0 % loss.

This week, the Relative Strength Index (RSI) has remained below 50, indicating that bearish momentum was still intact.

GBP/JPY Daily PRice CHART (AUG 1, 2018 – May 13, 2020) Zoomed Out

GBPJPY daily price chart 13-05-20 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 (MARCH 17 – MAY 13, 2020) Zoomed In

GBPJPY daily price chart 13-05-20 zoomed in

Based on analysis of the daily chart, on April 14 GBP/JPY corrected its uptrend move then started a sideways move creating lower highs with higher lows. On Monday, the price closed below the 50-day moving average providing a bearish signal. On the following day, the market reversed lower eyeing a test of the low end of the current trading zone 128.84 -133.30.

A close below the low end of the aforementioned zone may encourage bears to press towards 125.50. A further close below that level could send the GBPJPY even lower towards 122.62. That said, the weekly support area and levels marked on the chart (zoomed in) should be considered.

On the flip-side, a close above the high end of the zone would mean weaker bearish sentiment and may cause a rally towards 137.83. A further close above that level could extend this rally towards 143.20. In that scenario, the weekly resistance levels underlined on the chart should be kept in focus.

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 29 – MAy 13, 2020)

GBPJPY four hour price chart 13-05-20

Looking at a four-hour chart, on Friday GBP/JPY broke above the neckline of the double bottom pattern located at 132.02 then rallied towards 131.19. This week, the price has respected the downtrend line originated from the April 30 high at 135.45, highlighting the bearish outlook of the market.

A break below 130.65 could trigger a selloff towards 129.63. Nonetheless, the weekly support level underscored on the chart should be watched closely. In turn, a break in the other direction i.e. above 134.20 may cause a rally towards 135.50. Although, the weekly resistance level printed on the chart should be monitored.

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.


News & Analysis at your fingertips.