The price in question is 148.29, and this is the 61.8% retracement of June to December, 2016 major move in the pair. Perhaps most importantly, this price had helped to set resistance for almost ten full months in GBP/JPY. Prices turned-around here in mid-December, and again in May as GBP/JPY put in a peculiar period of price action. This pair is often trending or moving in somewhat of a directional manner: But it’s also notorious for being wild and chaotic. The fact that the first nine months of ...
In the week since that last article, volatility in GBP/JPY has tamed a bit as a ~200-pip range has developed. This range can be seen as an upward-sloping channel that has a slightly bullish bias; with slightly higher-highs and slightly higher-lows. This is somewhat indicative of a market without significant conviction; and as we discussed last week this is likely resultant from the fact that both currencies are being or have been driven weaker by extremely dovish monetary policy. In the U.K., the ...
GBP/JPY D1: bearish trend to be continuing. The price is located below Ichimoku cloud for the bearish market condition: price broke symmetric triangle pattern to below for the 133.22 nearest bearish target to re-enter. If the price breaks 133.22 support level to below on close D1 bar so the bearish trend will be continuing with 128.75 possible bearish target. If the price breaks 143.22 resistance to above on close D1 bar so the bullish ...
Daily price is located far below 200 period SMA and near below 100 period SMA for the primary bearish market condition with secondary rally. The price is testing Fibo resistance level at 161.62 to above for the rally to be continuing. If the price will break 155.65 support level so the primary bearish trend will be continuing without ranging. If the price will break Fibo resistance level at 161.62 from below to above so the price ...
H4 price is located near SMA with period 100 (100-SMA) and SMA with the period 200 (200-SMA) waiting for the direction for the possible breakout or breakdown. If the price will break 158.55 resistance level so we may see the bullish trend to be started on this timeframe.If price will break 153.37 support so the ranging bearish trend will be turned to the primary bearish with possible breakdown.If not so the price will be ranging within the levels. ...
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