Market NewsTechnical Analysis

GBP/JPY: Bull Heads towards the North

UK Inflation Report GBP/USD
  • GBP/JPY made a significant bullish move on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart looks bullish approaching at a pivotal resistance.
  • Intraday minor charts have been bullish.
GBP/JPY H4 chart
GBP/JPY H4 chart

GBP/JPY – Technical Analysis- H4 chart

The chart shows that the price found its support at 179.000 and made a strong bullish move. On its way, it made a breakout at the simple moving average 30. As of writing, the pair trades well above the SMA 30’s support. However, the level of 182.150 may work as a resistance. The buyers may wait for the price to make a breakout at the level. A breakout at this level may push the price towards the North further with strong momentum. The price may find its next resistance around 184.000.

The sellers, on the other hand, may wait for the price to produce a strong bearish reversal pattern to look for short opportunities.

GBP/JPY H1 chart
GBP/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been obeying a trend line and heading towards the North. At the last bearish correction, it produced a bullish engulfing candle. Upon producing that candle, the price has been heading towards the upside in a hurry. The buyers may wait for the price to consolidate and produce a bullish signal to add more long positions. If it makes a long bearish correction, the trend line’s support may come into play to offer long entries to the buyers.

Both charts look good to move towards the North. Thus, the sellers may skip this pair to take any trading decision based on the H4 and H1 chart for the time being.

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Your email address will not be published.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

Fidelcrest video review

Play Video

Related Articles

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while...

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with...

Crypto Stock Surge as Market Hits New Highs

Bitcoin and Ethereum surge to $57k and $3,275 respectively, driven by strong...

USD/CAD: H1 Support is in Play

USD/CAD -Technical Analysis- H4 Chart The chart shows that the price made...

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

Dow Nasdaq Hang Seng
Market News

Dow and Nasdaq Near Peaks, Hang Seng Rally Strong

Global markets show Dow Jones and Nasdaq 100 nearing record highs, while Hang Seng Index rallies above 100-day SMA.

Gold US PCE
Market News

Gold Bulls Stifled by Resistance as Focus Shifts to US PCE

Gold prices retreated on Monday, pressured by rising U.S. Treasury yields, with investors eyeing the upcoming US PCE data release.

Copyright © 2023 Forex Prop News. All Rights Reserved.