- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Teases bull flag confirmation around 156.00
GBP/JPY Price Analysis: Teases bull flag confirmation around 156.00
- GBP/JPY stays firmer around intraday high, snaps two-day downtrend.
- Bullish chart pattern, sustained trading beyond key SMAs keep buyers hopeful.
- MACD conditions challenge the upside momentum, monthly high adds to the upside filters.
GBP/JPY consolidates recent gains as it pokes the bull flag’s resistance around 156.00, up 0.18% intraday during Tuesday’s Asian session.
In doing so, the cross-currency pair justifies the sustained trading above 200 and 100 SMAs inside a bullish chart pattern. It’s worth noting, however, that the MACD signals do challenge GBP/JPY bears.
Hence, a clear upside break of the 156.15 level becomes necessary for the pair buyers to keep reins.
Following that, the monthly high near 156.50 will validate the run-up towards the theoretical target near 162.00.
During the run-up tops marked in January 2022 and October 2021, respectively around 157.70-75 and 158.20-25, will act as buffers.
Meanwhile, pullback moves may initially challenge the 200-SMA and the 100-SMA levels, around 155.45 and 155.05 in that order.
Though, the lower line of the stated flag, close to 155.00, will challenge the GBP/JPY bears afterward.
GBP/JPY: Four-hour chart
Trend: Further upside expected
© 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
