It Only Took 8 Years. Is GBPJPY Ready For A Higher High?
After a strong reversal and a confirmation of a higher low at the end of last week, 
GBPJPY made its way back to its key resistance area, at around 188.90. This barrier continues to provide strong resistance from the end of November 2023. Also, back in November 2015, the pair struggled to overcome that hurdle, resulting in a prolonged sell-off. It only took 8 years to get back to that area again. Although there is an indication that more upside could follow, we prefer to wait for a breakout first. Additionally, this week we get the British unemployment numbers, together with the CPIs, preliminary GDP and retail sales figures. This data could create more volatility for GBP.
IfGBPJPY ends up pushing strongly above the 188.90 territory, this will confirm a forthcoming higher high, possibly clearing the way to some higher areas. We will then target the 192.00 zone, which is near the inside swing low of August 7th, 2015. However, if that area is no match for the bulls, our next target could be somewhere near the 196.00 level. This is near the highest point of 2015.
Alternatively, to consider lower zones again, a break below the 186.16 hurdle would be required. Recently, it acted as a strong support, meaning that its break may attract a few more bears into the field. We will then target the next potential support area, roughly between the 182.20 and 182.76 levels, which mark the inside swing high of December 27th and the low of January 9th respectively. IfGBPJPY continues to slide, our next aim is the 178.60 hurdle, which is near the current lowest point of this year.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
GBPJPY made its way back to its key resistance area, at around 188.90. This barrier continues to provide strong resistance from the end of November 2023. Also, back in November 2015, the pair struggled to overcome that hurdle, resulting in a prolonged sell-off. It only took 8 years to get back to that area again. Although there is an indication that more upside could follow, we prefer to wait for a breakout first. Additionally, this week we get the British unemployment numbers, together with the CPIs, preliminary GDP and retail sales figures. This data could create more volatility for GBP.If
GBPJPY ends up pushing strongly above the 188.90 territory, this will confirm a forthcoming higher high, possibly clearing the way to some higher areas. We will then target the 192.00 zone, which is near the inside swing low of August 7th, 2015. However, if that area is no match for the bulls, our next target could be somewhere near the 196.00 level. This is near the highest point of 2015.Alternatively, to consider lower zones again, a break below the 186.16 hurdle would be required. Recently, it acted as a strong support, meaning that its break may attract a few more bears into the field. We will then target the next potential support area, roughly between the 182.20 and 182.76 levels, which mark the inside swing high of December 27th and the low of January 9th respectively. If
GBPJPY continues to slide, our next aim is the 178.60 hurdle, which is near the current lowest point of this year.Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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