Market NewsTechnical Analysis

GBP/JPY: Bull Keeps Running

December Retail Sales Slump GBP/USD
  • GBP/JPY has been bullish on the H4 chart trading near the swing high.
  • The SMA 30 has been working as a support.
  • The H1 chart looks bullish trading at a flipped support.
  • 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 has been heading towards the North with good momentum. The simple moving average 30 has been working as a support. At the last bounce, the pair produced a bullish inside bar. Since then, it has been producing consecutive bullish candles. The buyers may keep their eyes on the pair to go long from the value areas.

On the other hand, the sellers must wait for the chart to produce a bearish reversal pattern followed by a breach at the SMA 30’s support to look for short opportunities. As things stand with the pair, it may take time.

GBP/JPY H1 Chart
GBP/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price headed towards the North with an excellent bullish momentum. On its way, it made a breakout at 189.980. Moreover, the chart produced a corrective candle followed by a bullish inside bar. This is an ideal scenario for the buyers to go long in the pair. The price may find its next resistance around 190.800.

Like the H4 chart, the H1 chart does not look good for the sellers too. The sellers may stay away to go short in the pair based on this chart.

Considering both charts, it seems that the bull is clearly ahead of the bear. Thus, the pair may remain bullish and make new higher high. Considering overbought situation, it may get sluggish, but to get bearish it will take time.

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

Contact and follow Tareq on Twitter: @tareqfpn

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