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Market NewsTechnical Analysis

GBP/JPY: Bear Looks Strong amid Bull’s Zone

October 12, 20231 Mins read67 Views
  • GBP/JPY seems to be making a strong bearish correction on the H4 chart.
  • The pair trades above the simple moving average 30.
  • The H1 Chart looks very bearish.
  • Intraday minor charts have been bearish.
GBP/JPY H4 Chart
GBP/JPY H4 Chart

GBP/JPY- Technical Analysis-H4 Chart

The H4 chart shows that the price upon having a strong bounce headed towards the North. On its way, it made a bullish breakout at the SMA 30. It then came back for a bearish correction and headed towards the North again. However, as of writing, the pair seems to have found its resistance at 183.700.The pair produced a bearish engulfing candle. Since then it has been heading towards the South in a hurry. The sellers may take a pause if the price reaches at the SMA 30. A bearish breakout at the moving average may generate more bearish pace.

On the contrary, the buyers may wait for the price to be held by the SMA 30 and produce a bullish reversal pattern to go long in the pair. The pair may find its resistance again around 183.700 in that case.

GBP/JPY H1 Chart
GBP/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has found its resistance at 183.700 at the pull back. This may attract the sellers to go short in the pair based on the H1 chart. The pair produced a bearish engulfing candle. The current candle has been extremely bearish. Intraday minor charts may keep their eyes on the pair to go short from the value areas. Thus, the pair may end up having a bearish day today. The H1 chart shows that the price may find its support around 182.400.

A bearish breakout at that level may attract more sellers to keep an eye on the pair to go short from the value areas. The price then might find its support around 181.350.

The H4 chart looks neutral. However, the H1 chart looks bearish. Thus, we may see some bearish move today in the pair. Let us wait and watch how today’s daily candle closes. It may play a vital role in determining the pairs next trend.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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