GBP/JPY Price Analysis: Dip buyers emerge at the 20-hour EMA as traders eye 166.00 – by christianborjon GBPJPY Currencies Crosses Technical Analysis
daily high at 165.54 before retracing some of its gains, finishing Tuesday’s trading session positive by 1%. At the time of writing, the GBP/JPY is trading at 165.24.Even though the cross-currency pair printed six days of gains, the GBP/JPY needs to clear September’s high at 167.94 to cement its upward bias. GBP/JPY traders should be aware that the Relative Strength Index shifted from aiming upwards to flat, suggesting buyers’ exhaustion.
Short term, the GBP/JPY one-hour chart delineates prices advancing steadily, with the 20-hour EMA, as dynamic support, previously tested four times. Still, the GBP/JPY managed to stay on the bullish side of the moving average , used for dip buyers to re-enter longs. If the GBP/JPY is going to extend its gains, the first resistance would be 166.00. Once cleared, the next resistance would be the R1 daily pivot at 166.14, followed by the R2 pivot point at 167.00.
GBP/JPY’s failure to decisively break 166.00 and deterioration in sentiment could pave the way for further losses. Therefore, the first support would be the confluence of the daily pivot point and the 20-hour EMA at 165.26. Break below will expose the S1 pivot at 164.02, followed by the 50-hour EMA at 163.47 and the 163.00 mark.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/JPY Price Analysis: Faces solid resistance at 142.50, as a rising wedge emergesEUR/JPY Price Analysis: Faces solid resistance at 142.50, as a rising wedge emerges – by christianborjon EURJPY Crosses Technical Analysis ChartPatterns
Read more »
GBP/USD Price Analysis: Bears move in below counter trendline resistance, eye 1.1020 and 1.0900The bears are emerging from a confluence of resistance on the long-term charts that is forcing the price out of last Wednesday's rally that petered ou
Read more »
EUR/JPY Price Analysis: Next on the upside comes 144.00EUR/JPY maintains the bullish bias and reclaims the area beyond the 142.00 barrier at the beginning of the week. The continuation of the rebound from
Read more »
USD/JPY Price Analysis: Retraces from daily highs around 145.30s, on fears of Japanese interventionUSD/JPY Price Analysis: Retraces from daily highs around 145.30s, on fears of Japanese intervention – by christianborjon USDJPY Majors Technical Analysis SupportResistance
Read more »
CAD/JPY Forecast: Continues to GrindThe CAD/JPY has rallied a bit during the Monday session to test the 50-Day EMA and the \u00A5160 level.
Read more »