Technical Analysis – GBPJPY set for a bullish breakout

Posted on July 30, 2020 at 7:23 am GMT

GBPJPY is set for a bullish breakout after finding significant support near the lower line of a symmetrical triangle and the 20-day simple moving average (SMA). The pair also managed to step on the surface of the Ichimoku cloud and return slightly above the 50% Fibonacci of the 147.94-124.00 downleg, increasing optimism that the bulls may not give up yet. A similar view is reflected among the momentum indicators too. The RSI is making higher highs and higher lows in the [..]

Technical Analysis – GBPJPY freezes at 50.0% Fibonacci; momentum ceases

Posted on July 17, 2020 at 7:24 am GMT

GBPJPY has come to a standstill at 134.47, that being the 50.0% Fibonacci retracement of the down leg from 144.94 to 124.00. The 200-day simple moving average (SMA) sponsors a broader neutral picture with its mostly horizontal tone while the recent bullish crossover of the 100-day SMA by the ascending 50-day one, may provide the necessary boost to return upside sentiment. Although directional momentum has disappeared, the short-term oscillators look skewed to the upside. The MACD is marginally above its [..]


Technical Analysis – GBPJPY gradually deteriorates, challenging the 200-MA

Posted on July 15, 2020 at 4:22 pm GMT

GBPJPY appears to have lost steam since peaking at 135.91, despite the bullish tone still present in the simple moving averages (SMAs). Dominating sellers are currently attempting to build negative momentum to decisively close below the 200-period SMA at 134.67. These efforts are also mirrored in the short-term oscillators as the MACD dips below its red trigger line and neutral mark, while the RSI falls below 50. A clear push below the 200-period SMA at 134.67 may encounter initial support [..]

Technical Analysis – GBPJPY prints a bearish shooting star at 3-week highs

Posted on July 10, 2020 at 6:22 am GMT

GBPJPY managed to unlock a three-week high at 135.90 on Thursday, but gains were soon reversed, creating a bearish shooting star candlestick instead – a negative signal that a downside correction may be on the way. With the 50% Fibonacci of the 147.94-124.00 strongly rejecting upside movements at the same point and the Stochastics sloping downwards after peaking above their 80 oversold mark, weakness could persist in the short-term. However, not far below, the ascending trendline that has been supporting the market since the [..]


Technical Analysis – GBPJPY optimistic as fresh gains unfold

Posted on July 8, 2020 at 1:41 pm GMT

GBPJPY in spite of the latest pullback has managed to keep its bullish tone. The surge from the 131.93 low has held a positive trend climbing above the simple moving averages (SMAs). Additionally, the rising Ichimoku lines and the cloud promote extra gains. The short-term oscillators also suggest growing positive momentum. The MACD, in the positive region, is holding above its red trigger line and seems like it may appreciate further. The RSI is increasing in bullish territory and may [..]

Technical Analysis – GBPJPY finds obstacle at 100-day SMA; short-term outlook is bullish

Posted on July 3, 2020 at 7:26 am GMT

GBPJPY has found a strong resistance obstacle near the 38.2% Fibonacci retracement level of the up leg from 124.00 to 139.80 at 133.70, where the 20- and 100-day simple moving averages (SMAs) reside too. The recent rebound on the short-term ascending trend line drove the stochastic oscillator towards overbought conditions, suggesting a possible pullback in the market, however, the RSI is flattening near the 50-neutral threshold. To the upside, emanating pressure over the last couple of days has denied upside [..]


Technical Analysis – GBPJPY edges sideways below 200 moving average

Posted on July 1, 2020 at 11:35 am GMT

GBPJPY appears restrained within the Ichimoku cloud by the 50- and 100-period simple moving averages (SMAs) over the previous sessions. The price has found difficulty in maintaining a jump back above the 200-period SMA and thus has adopted a sideways move over the last week. Backing this view are the unclear directional signals reflected in the Ichimoku lines as well as the conflicting slopes of the 50- and 100-period SMAs. Looking at the MACD and the RSI indicators, they reflect [..]

Technical Analysis – GBPJPY retreats under SMAs; neutral mode returns

Posted on June 26, 2020 at 8:32 am GMT

GBPJPY has calmed just under the 50-day simple moving average (SMA) after the price reversed from the 139.72 mark back below the SMAs, thus reverting the pair to the previous neutral structure. Although the negative tone in the 50- and 100-day SMAs is intact, the sideways lingering in the former and the flattened state of the 200-day SMA, reflect the stalled mode present in the pair. Glancing at the short-term oscillators, they presently suggest weak directional momentum but lean towards [..]


Technical Analysis – GBPJPY finds strong resistance at 200-period SMA; decline is in progress

Posted on June 24, 2020 at 2:00 pm GMT

GBPJPY has found strong resistance near the 200-period simple moving average (SMA) currently at 133.55, confirming the neutral move in the very short-term timeframe. The MACD oscillator is rising above the trigger line near the zero level, while the RSI is pointing south near the 50 level. However, the red Tenkan-sen line jumped above the blue Kijun-sen line, indicating a climb above the 200-day SMA. If there is a drop below the 20-period SMA, the price could find a support at the 131.78 barrier, before challenging the 130.67 hurdle, taken [..]

Technical Analysis – GBPJPY exposed to bearish risk, but will the trendline give way?

Posted on June 19, 2020 at 7:18 am GMT

GBPJPY bears dominated on Thursday, extending the two-week old downward correction to the 132.00 territory. Simultaneously, the RSI tumbled below its 50 neutral mark, while the MACD lost further ground below its trigger line, both flagging that there is more bearish fuel in store. Yet, it remains to be seen if the tentative ascending trendline drawn from the 3 ½ -year low of 124.00 can approve additional downside corrections that may reach the 130.63 support area. Lower, the 128.00-129.28 restrictive [..]

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