Market NewsTechnical Analysis

GBP/JPY: Bear Makes another Strong Move

  • GBP/JPY has been very bearish on the H4 chart.
  • The pair trades well below the Simple Moving Average 30.
  • The H1 chart has been very bearish.
  • Intraday price action has been bearish may make some bullish corrections.
GBP/JPY H4 Chart
GBP/JPY H4 Chart

GBP/JPY- Technical Analysis-H4 Chart

The pair has been bearish by obeying the Simple Moving Average 30. At the last rejection, it produced a spinning top. However, it has made a strong bearish move. As of writing, the pair seems to be heading towards the South further. Defensive sellers may want to wait for the price to consolidate and produce a bearish reversal candle to go short in the pair. The price may find its support around 180.500. A bearish breakout below that level may drive the price towards the South further.

On the upside, the buyers must wait for the pair to show some strength towards the North. A strong bullish move breaching the simple moving average 30 or a double bottom may change the scenario. As things stand with the pair, it may take time to happen.

GBP/JPY H1 Chart
GBP/JPY H1 Chart

Price Action Analysis- H1 Chart

The pair seems to be heading towards the South by obeying a trend line. The price stays way below the trend line. Thus, the sellers may want to wait for the price to produce a bearish reversal at the value areas to go short in the pair. The price had a bounce at 180.800. It may hold the price as a support for a while. If that happens, the sellers may keep their eyes on the pair to go short and drive the price towards 180.000.

On the contrary, the buyers might as well wait to go long in the pair. It would not give them a lucrative risk-reward.

Considering both charts, it seems that the pair may remain bearish for some days. It may get sluggish, but it would make some good bearish move whenever the sellers find some resistance to set their stop loss.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S....

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Asian Stock Plummet as Nikkei Leads with 3% Drop
Market News

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S. tech stocks also suffered significant declines.

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Copyright © 2023 Forex Prop News. All Rights Reserved.