- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Bulls eye daily resistance in turnaround Thursday
GBP/JPY Price Analysis: Bulls eye daily resistance in turnaround Thursday
- GBP/JPY bulls have stepped back in to take out session highs.
- The bulls have their eyes set on daily highs.
GBP/JPY is on the march in Tokyo after a clear out on the downside in the open. The price is elevated and moving higher on the daily time frame with the prior highs eyed for another test. However, the W-formation is a bearish reversion pattern that could draw in the price to the neckline at any time.
GBP/JPY daily chart
GBP/JPY H1 chart
The bullish inverse head and shoulders are promising for the upside prospects.
GBP/JPY M15 charts
A bullish scenario is illustrated in the following analysis in the 15-minute chart:
The price has moved in on the M-formation's neckline but has established a potential level of support of around 164.35. If this were to hold, then the price could attract further demand for a surge beyond the session highs printed in the opening hour of Tokyo.
On the other hand, the price has yet to revisit the prior order block from where the rally took off, so there is a possibility that once the price fulfils the meanwhile objective to the upside, a reversal could take shape and the following illustrates a potential price trajectory/ in such a case:
© 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
