- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Stays firmer above 161.00 inside falling wedge
GBP/JPY Price Analysis: Stays firmer above 161.00 inside falling wedge
- GBP/JPY picks up bids to refresh intraday high inside a bullish chart pattern.
- Firmer RSI adds strength to the recovery moves, 200-HMA adds to the upside filters.
GBP/JPY renews daily top around 161.45 as it extends the corrective pullback from a two-week low heading into Tuesday’s London open.
In doing so, the cross-currency pair pares recent losses inside a weekly falling wedge bullish chart pattern, backed by the firmer RSI conditions.
Given the recent recovery in the RSI, not overbought, the GBP/JPY prices are likely to extend the rebound towards the wedge’s upper line, near 161.85.
However, a break of 161.85 hurdle will need validation from the 200-HMA, surrounding 162.30, to confirm the firmer upside towards the previous week’s top surrounding 163.90.
Meanwhile, pullback moves may aim for the 161.00 round figure before the wedge’s support line, around 160.00, could test the GBP/JPY bears.
Even if the GBP/JPY prices drop below 160.00, April’s bottom near 159.60, as well as March’s low of 159.00, will act as the last defenses for the pair buyers.
GBP/JPY: Hourly chart
Trend: Further recovery 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
