GBP/JPY Faces Key Resistance
GBP/JPY could start a decent increase if there is a clear move above the 163.00 resistance.
Important Takeaways for GBP/JPY
· GBP/JPY is showing a lot of bullish signs above the 161.50 support.
· There is a major trend line forming with resistance near 164.40 on the hourly chart.
GBP/JPY Technical Analysis
The British Pound started a fresh decline from the 164.25 zone against the Japanese Yen. The GBP/JPY pair declined below the 163.50 and 163.20 levels.
There was a clear move below the 162.20 level and the 50 hourly simple moving average. The pair traded as low as 161.55 and the pair is now correcting higher. There was a move above the 162.20 resistance.
The pair even tested the 50% Fib retracement level of the downward move from the 164.23 swing high to 161.55 low. An immediate resistance on the upside is near the 162.80 zone.
The next key resistance could be 163.20. It is near the 61.8% Fib retracement level of the downward move from the 164.23 swing high to 161.55 low. A clear break above the 163.20 resistance could push the pair towards the 164.00 resistance. There is also a major trend line forming with resistance near 164.40 on the hourly chart.
If not, the pair might decline below the 162.20 level. On the downside, an initial support is near the 161.50 level. The next major support is near the 161.00.
If there is a downside break below the 161.40 support, the pair could decline towards the 160.50 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 is showing a lot of bullish signs above the 161.50 support.
· There is a major trend line forming with resistance near 164.40 on the hourly chart.
GBP/JPY Technical Analysis
The British Pound started a fresh decline from the 164.25 zone against the Japanese Yen. The GBP/JPY pair declined below the 163.50 and 163.20 levels.
There was a clear move below the 162.20 level and the 50 hourly simple moving average. The pair traded as low as 161.55 and the pair is now correcting higher. There was a move above the 162.20 resistance.
The pair even tested the 50% Fib retracement level of the downward move from the 164.23 swing high to 161.55 low. An immediate resistance on the upside is near the 162.80 zone.
The next key resistance could be 163.20. It is near the 61.8% Fib retracement level of the downward move from the 164.23 swing high to 161.55 low. A clear break above the 163.20 resistance could push the pair towards the 164.00 resistance. There is also a major trend line forming with resistance near 164.40 on the hourly chart.
If not, the pair might decline below the 162.20 level. On the downside, an initial support is near the 161.50 level. The next major support is near the 161.00.
If there is a downside break below the 161.40 support, the pair could decline towards the 160.50 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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