Until 22nd June, the GBP/JPY currency pairing (D1 time-frame) had been influenced by a bearish drive. Following that date, a lower bottom formed at 131.728. Bullish sentiment then prevailed.
Following this, the price continued to move upwards, through the Simple Moving Averages of 15 and 34. The Momentum Oscillator also crossed into the zero baseline, which may have made technical traders aware of a possible new uptrend.
A critical resistance level formed at at 135.899 on 9th July, whereby the bears attempted to pull the market lower. A higher bottom at 133.958 then formed on 14th July. At present, the market is being pulled toward the top of the price chart.
If the GBP/JPY currency pair cross the critical resistance level of 135.899, three price targets could be calculated from that point. By using the Fibonacci tool at the higher top (135.899) and moving it to the support area (133.958), a number of targets could be brought into consideration. The first target could be projected at 137.099 (161 %) and the next is likely at 139.040 (261.8%). A third target could be expected at 142.180 (423.6%) if this upward momentum does continue.
Should the 133.958 support level be achieved, the bullish scenario would no longer be valid and may be required for review.
If the upward momentum remains and the demand exceeds supply, the outlook for the GBP/JPY daily time-frame will stay at a bullish level.
- Bitcoin, Elon, Tesla and Carbon Footprints – What Next?
- This Report due Wednesday is the Reason the Dow Recorded its Biggest Fall since February
- Bad News for the Economy is Good News for the Markets – For Now
- Yellen’s Curveball Comment Hammers Tech-Stocks. Is There More of That to Come?
- This Week’s Announcements Will Update on the Big Question Hanging Over the Markets
- Unusual Tech-Stock Price Moves Make AMD The Stock to Follow.
Bitcoin, Elon, Tesla and Carbon Footprints – What Next?
Safest Forest Brokers 2020
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||Your capital is at risk Founded: 2011||Global CFD & FX Broker||
BEST FOREX BROKER Visit broker
|#2||Your capital is at risk Founded: 2015||Global Forex & CFD Broker||
LOWEST FEES Visit broker
|#3||Your capital is at risk Founded: 2014||Global Forex & CFD Broker||
Best Trading Conditions Visit broker
|#4||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
|#5||CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010||Global Forex Broker||
Low minimum deposit Visit broker
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox