- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Approaches short-term key hurdles above 154.00
GBP/JPY Price Analysis: Approaches short-term key hurdles above 154.00
- GBP/JPY prints four-day uptrend, stays mildly bid around two-week high.
- MACD prints most bullish signals in five weeks, sustained trading above 200-DMA also favor buyers.
- Descending trend line from early February, 50-DMA challenges upside moves.
GBP/JPY remains on the front foot around 154.40, up 0.08% during the four-day winning streak to Wednesday’s Asian session.
In doing so, the yen cross justifies the early-week breakout of the 200-DMA, as well as the bullish MACD signals, to stay firmer around a fortnight high.
However, a downward sloping trend line from February 10 and the 50-DMA, respectively near 154.70 and 155.10, test the GBP/JPY bulls.
Also acting as an upside filter is the monthly high near 155.25.
Meanwhile, pullback moves remain elusive beyond the 200-DMA level of 153.33.
Following that, the 61.8% Fibonacci retracement (Fibo) of December-February upside and the monthly low, close to 152.45 and 151.00 in that order, appear as tough nuts to crack for GBP/JPY bears.
Overall, GBP/JPY is ready for further upside but a bumpy road to the north may test the bulls.
GBP/JPY: Daily 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
