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- GBP/JPY Price Analysis: Bears need to break critical support of 153.83
GBP/JPY Price Analysis: Bears need to break critical support of 153.83
- GBP/USD offers something for both the bulls and bears until the 4-hour support structure breaks.
- The bulls will want to see the 61.8% Fibo give on the 4-hour time frame.
As per the prior day's analysis, GBP/JPY Price Analysis: Bears sinking their teeth into what could be a fresh daily impulse, the price has moved accordingly within the corrective stage of the bearish trend.
The Fibonacci levels are in focus and for now, the space between the 38.2% ratio and the 50% mean reversion mark is offering resistance:
GBP/JPY daily chart
The wicks of the 28 December and 3 January daily candlesticks align and offer values of liquidity below the 21-day EMA, reinforcing the resistance potential.
GBP/JPY H4 chart
The 4-hour chart shows that the price needs to get below 153.83 where the dynamic support of the counter-trendline and horizontal support meet. On the flip side, if the bulls commit and should the 50% mean reversion give way, then the 61.8% will be the last defence to a potential bullish daily and weekly continuaiton:
GBP/JPY weekly chart
The weekly chart is bullish and the price s testing the critical Fibonaccis. If the price holds the 21-week EMA, and the 4-hour chart's 61.8% gives, then this will be bullish for the outlook in weeks ahead.
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