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Thread: GBP/JPY

  1. #1
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    GBP/JPY

    The pair of GBP/JPY. the pair is trading at the resistance level of 183.40. May increase the penetration and couples it to the resistance level 184.15. In case if this resistance hold out, then maybe pair falling from it to the support level 182.25.

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    Technical analysis of GBP/JPY dated 13.03.2015

    GBP/JPY with formation of the top price of 184.996 has started to descend and Sellers were successful in achieving the lower price of 180.185.Currently price in weekly , daily and H4 time frames is under 5-day moving average that shows a consistent descending trend with the potential of more downfalls in long period of time.

    Price is going toward the support level of 180.000 (the important psychic level of Sellers) and there is not any clear reason of buy signal in long term time frames such as weekly and daily.As it is obvious in the picture below, according to the formed movements in H4 time frame, there is AB=CD harmonic pattern that the D (formation of a bottom price) point of this pattern is the first warning for a price Increase.

  3. #3
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    Date : 20th April 2015


    GBPJPY REACTS LOWER FROM CHANNEL TOP.






    GBPJPY, Weekly


    The pair has been ranging between 175 support and 179.29 resistance over the last three weeks. At the same time Stochastic oscillator has moved to oversold territory and is trying to move higher indicating the downside momentum is weak and might be reversing. This is consistent with the pair being close to support. Additionally, the sideways move has caused the lower Bollinger Bands to draw closer to the current price action and the weekly price bar lows have been moving along the 1.5 Standard deviations Bollinger Band. Until two weeks ago the 50 week moving average has been able to send price significantly higher but now this market fluctuates on both sides of the average. This suggests that the market is less decisive than previously toughing these price levels.





    GBPJPY, Daily


    Since March 18th GBPJPY has been moving lower in a bearish channel with the March consolidation between 178.80 and 180.08 resisting attempts to move higher. On Friday the pair reacted from the trendline and upper Bollinger Bands creating a shooting star candle. Today we’ve seen some follow through with bears pushing the pair below Friday’s low. This suggests momentum is currently to the downside.


    Daily pivot candle high from April 14th coincides with the lower daily Bollinger Bands and could slow the moves lower (at 176.40). Stochastics and RSI are not at overbought levels but they are at levels where they turned lower the last time, and that’s when price turned lower as well. Oscillators do not determine where the price moves to but in context that price is reacting lower from a descending channel top it supports the general idea of price potentially moving lower.





    GBPJPY, 240


    In the intraday chart GBPJPY can be seen moving below the rising trendline that supported price since April 14th. Price has since corrected lower and after bouncing from 38.2% Fibonacci level is now at the time fighting with a resistance just below the 23.6% Fibonacci level. At the time of writing the latest 4h candle just closed above 177.50 and we now have a hammer candle that indicates lack of downside momentum and suggests traders should choose carefully where to initiate short trades. Next support and resistance levels are at 176.55 (lower Bollinger Bands and a resistance turned into a support) and 178.20, a recent 4h pivot high.


    Conclusion


    The long term chart draws my attention to the nearby support level but also 50 week moving average and indecisive price action around it. Should price move lower from current levels buyers could be stepping in close to the recent (April 14th) low at 174.88 and if we see confirming price action then we could see a move to the descending trendline in the weekly picture. In a shorter term picture I am following minor time frames (60 min and lower) to see if price action confirms the bearish indications given by the daily time frame shooting star candle that occurs near channel top. At the time of writing this seems to be the case as price has reacted lower from a 50 period MA in an hourly chart but with the 4h hammer candle this market does give slightly mixed signals. With a bearish daily setup it makes sense to sell rallies at resistances if price action confirms the analysis. A 4h hammer candle indicates lack of downside momentum and suggests traders should choose carefully where to initiate short trades.


    Please, find today’s high impact economic releases below. For full economic calendar visit HotForex.com.





    Janne Muta
    Chief Market Analyst



    Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
    Last edited by Moderator; 04-20-2015 at 10:10 PM.

  4. #4
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    GBPJPY Technical levels - 17.12.2015

    GBP/JPY technically, next immediate support below at 183 and 182.40 levels. Resistance above at 183.40 and 184.20 levels.
    Trend overall looking strongly bullish at the moment.

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    Date : 30th December 2015.


    CURRENCY MOVERS OF 30th December 2015.



    TODAY’S CURRENCY MOVERS REPORT





    Over the past 5 days, the British Pound Sterling (GBP) has been under-performing against the major pairs, as the negative impact of the United Kingdom’s Q3 growth rate downward revision to 0.4% from 0.5% is seen as the reason for the most resent sell-off of the GBP.


    The AUD has started to strengthen across the board over the last 5 trading sessions because the domestic economy has shown promising signs of improvement, despite weak commodity prices and a drop in the Chinese Yuan.


    As we move closer towards the end of 2015, the USD is little changed over the last 5 day period, as the latest US economic data has had no change on the view about the direction of the U.S. economy. The U.S. economy remains healthy and this view is supported by the fact that the personal spending m/m rose by 0.3. We have also seen the Michigan consumer sentiment revised up to 92.6.


    Traders are seen to be slowly moving into safe haven currencies as the year end approaches, however if the U.S. economic data remains relatively positive, then markets would expect the U.S. Fed to remain on path of gradual rate hikes in 2016 which will further support USD buying interest for some time to come





    GBPJPY, Daily


    GBPJPY continues in a downtrend from its November high near 188.80; price is below the downward sloping valid trend line, resistance is spotted at 182.10 and the next relevant support is near the 2015 lows (175.50). Stochastic analysis remains towards the downside and moving average analysis also supports my opinion that the GBPJPY should continue its downward course.


    Fundamentally, the GBP does not have any real reasons to strengthen as the U.K. Q3 GDP growth rate has been adjusted downwards and the BoE will hold off on any rate hike for some time. Meanwhile, the JPY has some reason to gather some strength against the GBP, since Japan’s economy is expected to continue recovering moderately, according to the Bank Of Japan. Exports are expected to increase moderately as emerging economies move out of their deceleration phase. Business fixed investment is projected to continue increasing moderately and private Consumption is expected to remain resilient. Housing investment is projected to continue picking up. Industrial Production is likely to remain more or less flat for the time being.


    My trading view for the GBPJPY is to sell the GBPJPY into strength for a target area at 175.50 zone.










    GBPUSD, Daily (Updated)




    GBP has recouped to the mid-1.48s after posting a seven-month low at 1.4785 yesterday. Yesterday’s decline marked a resumption of the GBP bear market as markets adjusted to a more dovish than expected tone in the minutes to the early December BoE monetary policy meeting. There is no market impact, UK data or events of note until the New Year. Things will kick-off on January 4, when the December version of the Markit manufacturing PMI survey will be released, along with the BoE’s monthly report on lending activity.


    A technically price bounce is now under way with prices possibly to bounce towards the 1.5100 (sell zone), ahead of an additional decline towards the 1.4720 area (161.8 fibonacci extension level based on the 4-hour chart).







    Please note that times displayed based on local time zone and are from time of writing this report.


    Click HERE to access the full HotForex Economic calendar.


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    John Knobel
    Senior Currency Strategist
    HotForex



    Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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    Currently the GBPJPY is moving down with high volatility until the level of 171.43 and the RSI indicator shows the market still have a strong downward trend. It is estimated that the market is still going to move down to the level of 171.14.

  7. #7
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    Currently GBPJPY is moving down to the level of 170.611 and WMR indicator signaling the market will create a new trend. It is estimated that the market will move up to level 170.961.

  8. #8
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    Currently GBPJPY is moving up to the level of 169.978 and MACD shows the market still have a strong upward trend. It is estimated GBPJPY still move up to level 170.208.

  9. #9
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    GBPJPY is currently moving down to the level of 167.134 and RSI indicator shows the market has reached the lowest point, the market is expected will move up to level 167.792.

  10. #10
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    GBPJPY is now moving up to the level 167.605 and MACD indicator signaling market still have a strong downward trend, so the market still expected will move up to level 168.231.

 

 
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