- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: To extend its rally, as a dragonfly doji emerges around 160.50
GBP/JPY Price Analysis: To extend its rally, as a dragonfly doji emerges around 160.50
- Dragonfly doji surfaced as the GBP/JPY recovered from weekly lows around the mid-159/160 mark.
- GBP/JPY Price Analysis: Neutral to downward biased, but in the short term, it could test the 200-DMA.
The GBP/JPY is almost unchanged as the Asian session kicks in, though Wednesday’s session witnessed the cross falling to new weekly lows of 159.50. However, the GBP/JPY pair staged a comeback and formed a dragonfly doji, which suggests bulls are moving in. The GBP/JPY is trading at 160.50 at the time of writing.
GBP/JPY Price Analysis: Technical outlook
From a daily timeframe perspective, the GBP/JPY is still neutral-to-downward biased, with the exchange rate remaining below the trend-setter 200-day Exponential Moving Average (EMA) at 162.14, which is also above the 50-day EMA at 161.74. For the GBP/JPY to continue its downtrend, it would need to crack the 20-day EMA at 160.05, and then, the pair may pose a threat to break below the weekly low of 159.50.
As an alternate scenario, for the GBP/JPY bullish continuation, the pair needs to reclaim the psychological 161.00 figure. Break above will expose the 50-day EMA, followed by the 162.00 mark. Once broken, the bulls could challenge the 200-day EMA at 162.14.
GBP/JPY Key Technical 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
