GBP/JPY ShortAs of December 28, 2024, the GBP/JPY currency pair is exhibiting a bullish trend, with the current exchange rate around 198.56 JPY per GBP.
Support and Resistance Levels:
Support: Key levels identified at 197.80 and 195.85, providing potential price floors in case of a downturn.
Resistance: Observed at 199.79 and 203.58, which may act as barriers to further price increases.
Technical Indicators:
Moving Averages (MAs):
Short-Term (MA5, MA10): Indicate a 'Buy' signal, suggesting upward momentum in the immediate term.
Medium to Long-Term (MA50, MA100, MA200): Show 'Sell' signals, reflecting previous bearish trends.
Relative Strength Index (RSI): At 62.48, indicating moderate bullish momentum without entering overbought territory.
Moving Average Convergence Divergence (MACD): Positive at 0.3796, suggesting potential for continued upward movement.
Market Sentiment:
Analyses suggest a 'Strong Buy' signal, reflecting positive market sentiment towards GBP/JPY.
Would be a Great Opportunity to get the BUY Phase on the way up but I'm looking for the sell Phase opportunity on the way down because its a more comfortable play and yields a better opportunity for me. After the Bulls ease off from buying. Historically January usually is always a Slow month in Great Britain so this will give buyers Yen a bit more purchasing / buying power.
Remember its not how it moves but when. Will be setting Price Alerts for this closer to the time.
Patience in the market. Let it Come to You!
