News | Forex Optimum

News

News

GBP/JPY Price Analysis: Pokes 13-day-old resistance around 154.00

  • GBP/JPY extends Monday’s gains to refresh intraday high.
  • Firmer RSI suggests additional upside, 200-SMA challenges the bulls.
  • Sellers need validation from monthly low, early September’s highs.

GBP/JPY picks up bids to refresh intraday top near 154.00, up 0.18% on a day during early Tuesday.

That said, the cross-currency pair consolidated Friday’s heavy losses the previous day while the latest recovery moves challenge a downward sloping trend line from November 03.

Given the firmer RSI line, the pair buyers are likely to overcome the immediate hurdle around 154.10. However, the 200-SMA level of 154.90 will be a tough nut to crack for the GBP/JPY bulls afterward.

Even if the quote rises past 154.90, the 155.00 threshold and 61.8% Fibonacci retracement of October-November downside, around 156.00, will challenge additional upside.

On the flip side, pullback moves may retest the 153.00 round figure ahead of challenging the monthly low near 152.40.

Should GBP/JPY bears dominate past 152.40, multiple levels marked during early September around 152.20-25, followed by the 152.00 psychological magnet, will question the further downside.

GBP/JPY: Daily chart

Trend: Further recovery expected

 

You may also be interested:

17:27 26.11.2021
EUR/JPY remains depressed below 129.00 as risk-off dominates
EUR/JPY’s weakness hast retested recent lows around the 128.00 level. New strain of COVID heavily weighs on investors’ sentiment. The Japanese yen surges along with the risk aversion. The strong buying interest around the Japanese yen puts EUR/JPY under extra pressure in the sub-129.00 levels so far on Friday. EUR/JPY weaker on coronavirus headlines EUR/JPY retreats for the third session in a row and challenged the area of recent tops in the 128.00 neighbourhood on Friday,
17:21 26.11.2021
Turkish President Erdogan: There's no turning back from the new economic programme
Turkish President Recep Erdogan said that there is no turning back from the new economy programme on Friday, according to Bloomberg. Interest rates will decline, he continued, and the Turkish people will not be crushed under high interest rates.  Market Reaction  USD/TRY has spiked higher in response to the latest remarks from the Turkish President. The pair lept from around 12.40 to above 12.60 at one point, though has since moderated back to the 12.40s again.   Analysts
17:06 26.11.2021
S&P 500 Index: Close below 4673 to further increase downside pressure – Credit Suisse
Prior to the ‘risk-off’ seen overnight economists at Credit Suisse had already been looking for a correction lower. This ‘risk-off’ phase has the potential to exacerbate this risk and they are alert to the potential formation of a bearish ‘reversal week’, which would be seen confirmed on a close below 4673 today.   Resistance moves to 4703 initially “We are alert to the formation of a bearish ‘reversal week’, which would be seen
Deposit
options
Trading
platform
download
Bonuses VIP