- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Sellers attack multi-year highs above 158.20
GBP/JPY Price Analysis: Sellers attack multi-year highs above 158.20
- GBP/JPY remains quiet on Friday in the early Asian trading hours.
- The cross-currency pair surrenders gain near 158.20.
- Momentum oscillators hold onto the overbought zone, throwing caution for aggressive bids.
The GBP/JPY cross-currency stays relatively quiet on Friday. The pair remains pressured near 158.22. At the time of writing, GBP/JPY is trading at 157.18, down 0.1% for the day.
GBP/JPY daily chart
-637704567602213079.png)
On the daily chart, the GBP/JPY cross currency pair seems exhausted near a fresh six-year high made on Wednesday. The double top near 158.22 prompts bears to take some action. If the price breaks below the intraday low it could fall back to Monday’s low at 156.61.
A break of the 156.00 psychological level, which coincides with the 23.6% Fibonacci Retracement from the lows of 149.23 could mean a low of October 15 at 155.42 for the pair. Furthermore, the Moving Average Convergence and Divergence (MACD) trades in the overbought zone. Any downtick in the MACD would bring the 154.75 horizontal support level back into the picture.
Alternatively, on the reverse side of the trade, the upside target appears at the previous day’s high of 158.21. Next, the GBP/JPY bulls seek the June 2016 high of 160.67.
GBP/JPY additional levels
© 2000-2024. 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
