- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Bullish impulse eyes double tops
GBP/JPY Price Analysis: Bullish impulse eyes double tops
- GBP/JPY bulls take a breather after two-day uptrend.
- Firmer RSI backs sustained trading beyond monthly support line, 200-SMA to keep buyers hopeful.
GBP/JPY picks up bids inside an immediate trading range surrounding 157.00, following a pullback from the weekly high. That said, the quote remains sidelined after rising for the last two days.
However, the quote’s ability to bounce off an ascending support line from October 01 on Monday joins sturdy RSI and successful trading above 200-SMA to favor the bulls.
Hence, the latest peak around 157.70 is on the cards before the double tops near 158.20 challenge GBP/JPY upside.
It’s worth noting that a clear run-up past 158.20 will aim for the 160.00 psychological magnet with the late June 2016 peak of 159.21 acting as a buffer.
Meanwhile, a downside break of the immediate support line, near 156.85, will direct GBP/JPY sellers towards the 200-SMA level of 155.13.
In a case where the cross-currency remains weak past 155.13, October 12 swing low around 153.70 will be in focus.
GBP/JPY: Four-hour chart
Trend: Further upside expected
© 2000-2025. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
