GBP/JPY moves somehow sideways in the short term. The price action signaled that the downwards movement could be over, so personally, I’m looking for new long opportunities. It’s traded at 152.67 level at the moment of writing.
The pressure remains high as the Japanese Yen Futures tries to rebound and also because the British Pound was punished by some UK economic data in yesterday’s trading session.
GBP/JPY Technical Analysis!
Technically, the price stands above the 61.8% retracement level which represents a downside obstacle. It’s trapped between 152.85 and 152.37 levels. An upside breakout from this range could signal a new leg higher.
On the other hand, dropping and stabilizing under the 61.8% retracement level, making a new lower low could signal a larger downside movement. After escaping from the descending pitchfork’s body, a new higher high could bring good long opportunities.
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