Overview:
Watch the video for a summary of this week’s news releases and a complete top down analysis of the GBPJPY.
GBPJPY Monthly:
Monthly support at 148.45, resistance at 156.07, 156.59, and 158.21.
Price has rallied back to the 156.07 to 158.21 monthly resistance area and is range bound.
GBPJPY Weekly:
Weekly support at 152.84 and 149.00, resistance at 157.76.
Price may be forming a double top at the 157.76 weekly resistance level. A break of last week’s low would start to confirm the reversal.
GBPJPY Daily:
Daily support at 152.89, resistance at 157.76.
Daily chart is in an uptrend but is trading in the 156.07 to 158.21 monthly resistance area. Price has previously reversed from this area twice, proving that this is a strong resistance area.
Looking for price to fail at the 156.07 monthly resistance level and move back down the range.
Short term target 152.84 weekly support. Long term target 149.00 weekly support.
Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the 4 hour chart.
RISK WARNING: Foreign exchange and derivatives trading carry a high level of risk. Before you decide to trade foreign exchange, we encourage you to consider your investment objectives, your risk tolerance and trading experience. It is possible to lose more than your initial investment, so do not invest money you cannot afford to lose。 ACY Securities Pty Ltd (ABN: 80 150 565 781 AFSL: 403863) provides general advice that does not consider your objectives, financial situation or needs. The content of this website must not be construed as personal advice; please seek advice from an independent financial or tax advisor if you have any questions. The FSG and PDS are available upon request or registration. If there is any advice on this site, it is general advice only. ACY Securities Pty Ltd (“ACY AU”) is authorised and regulated by the Australian Securities and Investments Commission (ASIC AFSL:403863). Registered address: Level 18, 799 Pacific Hwy, Chatswood NSW 2067. AFSL is authorised us to provide our services to Australian Residents or Businesses.
Recommended Content
Editors’ Picks
EUR/USD stabilizes near 1.0400, volumes remain light on New Year's Eve
EUR/USD stabilizes at around 1.0400 on Tuesday following Monday's choppy action. The cautious market stance helps the US Dollar stay resilient against its rivals and doesn't allow the pair to gain traction as trading conditions remain thin heading into the end of the year.
GBP/USD retreats below 1.2550 after short-lasting recovery attempt
GBP/USD loses its traction and retreats below 1.2550 after climbing above 1.2600 on Monday. Although falling US Treasury bond yields weighed on the USD at the beginning of the week, the risk-averse market atmosphere supported the currency, capping the pair's upside.
Gold rebounds after finding support near $2,600
After posting losses for two consecutive days, Gold found support near $2,600 and staged a rebound early Tuesday. As investors refrain from taking large positions ahead of the New Year Day holiday, XAU/USD clings to daily gains at around $2,620.
These three narratives could fuel crypto in 2025, experts say
Crypto market experienced higher adoption and inflow of institutional capital in 2024. Experts predict the trends to look forward to in 2025, as the market matures and the Bitcoin bull run continues.
Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out Premium
Money managers may adjust their portfolios ahead of the year-end. Weekly US Jobless Claims serve as the first meaningful release in 2025. The ISM Manufacturing PMI provides an initial indication ahead of Nonfarm Payrolls.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.