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Gbp-jpy

GBPJPY Outlook 6th April 2023Read the USDJPY analysis and the GBPUSD analysis Anticipating some brief upward move on the USDJPY (before a continuation to the downside) and a continuation of the upward trend on the GBPUSD. This could signal some upside potential for the GBPJPY as the price finds support along the 163 price level. The GBPJPY could climb to retest the 166 resistance level briefly. However, watchout for the potential hesitation level at the 164.50 price level which coincides with the 50% fib level in the shorter term.
Long
by JinDao_Tai
2
GBPJPY on a pennant 🦐GBPJPY on the 4h chart after the liquidity grab below the 159.500 area started an impsule to the upside. The market broke the 164 level and retest the previous resistance now turned support. We can see how that key level has been the 0.482 Fibonacci area and how the price started to trade between 2 narrowing trendlines that potentially could be seen as a pennant pattern. How can i approach this scenario? I will wait for a potential break of the pattern and if that will happen i will look for a nice long order according to the Plancton's strategy rules.
by InkyGrip
2
GBPJPY Technical Analysis 04.04.2023 1h chart– Previous Daily candle closed Bullish at 164.400 above recent Daily Resistance formed on Friday 31st March 2023. – Buys on close above 164.550 targeting 4h Resistance at 164.900, Leaving Runners to the 1h Resistance at 165.220. – Sells on close below 164.000 targeting 4h Support at 163.700, Leaving Runners to the 30min Support formed at 163.500. – Targets are smaller compared to the No Trade Zone but it is important to pay attention to the level of Resistance and how Daily and 4h candles are forming.
by SalimFX20
GBPJPY Rebounded on the 3 month Rising SupportGBPJPY is trading inside a Channel Down for the past month. The price hit today the 3 month Rising Support that started at the beginning of the year. Trading Plan: 1. Buy as long as the Rising Support holds. 2. Sell if the Rising Support breaks (i.e. closes a candle under it). Targets: 1. 162.000 (top of Channel Down and under the MA200 (4h)). 2. 157.000 (Support Zone (1)). Tips: 1. The RSI (4h) is rebounding after hitting the oversold limit. This is technically a short-term bullish sign. Please like, follow and comment!!
by TradingBrokersView
10
GBPJPY on a break of the 160 🦐GBPJPY on the 4h chart is trading above the 160 level. We know how this pair particularly love the round numbers and we can wait for a potential break of it to look for a short opportunity. The price in fact after the uptrend move took the liquidity at the 166 level with a false breakout move with the 164 and 162 as ket levels in the downtrend. After a first test of the 160 the price tested the 162 resistance area and moved higher to the 0786 Fibonacci retracement to the 163 zone. How can i approach this scenario? I will wait for a potential break of the support area and if that will happen i will be look for a nice short order according to the Plancton's strategy rules.
by InkyGrip
6
Elliott Wave Favors More Downside in GBPJPYDecline from 2.28.2023 is in progress as a 5 waves impulse Elliott Wave structure. Down from 2.28 high, wave 1 ended at 160.02 and rally in wave 2 ended at 164.14. Pair resumes lower in wave 3 towards 159.19, and wave 4 ended at 160.49. Last leg lower wave 5 ended at 158.51 which completed wave (1). Wave (2) corrective rally ended at 163.34 as a double three Elliott Wave structure. Up from wave (1), wave W ended at 162.18, and pullback in wave X ended at 158.94. Wave Y higher ended at 163.34 which completed wave (2). Pair resumes lower in wave (3) with internal subdivision as another 5 waves in lesser degree. Down from wave (2), wave ((i)) ended at 160.67 and rally in wave ((ii)) ended at 161.86. Pair has resumed lower in wave ((iii)) and broken below wave ((i)). Down from wave ((ii)), wave (i) ended at 159.91 and wave (ii) rally ended at 161.01. Expect pair to continue lower within wave (iii) of ((iii)). A break below wave (1) at 158.51 would confirm the bearish view and rule out a double correction. Near term, as far as the pivot at 163.34 high stays intact, expect rally to fail in 3, 7, or 11 swings for further downside.
by Elliottwave-Forecast
GBPJPY Potential DownsidesHey Traders, in today's trading session we are monitoring GBPJPY for a selling opportunity around 163 zone. GBPJPY is trading in a downtrend and now seems to be rejecting 163 support and resistance zone around the trend. if the rejection is confirmed i would consider the bearish channel support as a target. Fundamentally the Yen is considered a safe haven in time of uncertainty and during crisis so i still expect JPY be outperforming considering also that the market is expecting major changes in monetary policy from the BoJ. Trade safe, Joe.
Short
by JoeChampion
18