GBP/JPY Could Rise Further
GBP/JPY could rise further unless there is a downside break below the 160.50 support.
Important Takeaways for GBP/JPY
· GBP/JPY started a fresh increase above the 160.00 resistance zone.
· There was a break above a key bearish trend line with resistance near 161.10 on the hourly chart.
GBP/JPY Technical Analysis
The British Pound started a fresh increase from the 157.50 zone against the Japanese Yen. The GBP/JPY pair gained pace for a move above the 158.50 and 160.00 resistance levels.
There was also a close above the 160.00 level and the 50 hourly simple moving average. The pair traded as high as 162.17 before there was a downside correction. The pair traded below the 161.50 level and traded as low as 160.46.
GBP/JPY Hourly Chart
It is now rising and trading above the 50% Fib retracement level of the recent decline from the 162.17 swing high to 160.47 low. There was also a break above a key bearish trend line with resistance near 161.10 on the hourly chart.
An immediate resistance on the upside is near the 161.75 zone. It is near the 76.4% Fib retracement level of the recent decline from the 162.17 swing high to 160.47 low.
The next key resistance could be 162.20. A clear break above the 162.20 resistance could push the pair towards the 163.00 resistance. If not, the pair might decline below the 161.30 level.
On the downside, an initial support is near the 161.00 level. The next major support is near the 160.40. If there is a downside break below the 160.40 support, the pair could decline towards the 160.00 support zone in the coming sessions. Any more losses might call for a test of the 159.20 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for GBP/JPY
· GBP/JPY started a fresh increase above the 160.00 resistance zone.
· There was a break above a key bearish trend line with resistance near 161.10 on the hourly chart.
GBP/JPY Technical Analysis
The British Pound started a fresh increase from the 157.50 zone against the Japanese Yen. The GBP/JPY pair gained pace for a move above the 158.50 and 160.00 resistance levels.
There was also a close above the 160.00 level and the 50 hourly simple moving average. The pair traded as high as 162.17 before there was a downside correction. The pair traded below the 161.50 level and traded as low as 160.46.
GBP/JPY Hourly Chart
It is now rising and trading above the 50% Fib retracement level of the recent decline from the 162.17 swing high to 160.47 low. There was also a break above a key bearish trend line with resistance near 161.10 on the hourly chart.
An immediate resistance on the upside is near the 161.75 zone. It is near the 76.4% Fib retracement level of the recent decline from the 162.17 swing high to 160.47 low.
The next key resistance could be 162.20. A clear break above the 162.20 resistance could push the pair towards the 163.00 resistance. If not, the pair might decline below the 161.30 level.
On the downside, an initial support is near the 161.00 level. The next major support is near the 160.40. If there is a downside break below the 160.40 support, the pair could decline towards the 160.00 support zone in the coming sessions. Any more losses might call for a test of the 159.20 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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