Market NewsTechnical Analysis

GBP/JPY: Bull Looks Puzzled as It Approaches the Swing High

  • GBP/JPY has been heading towards the last swing high.
  • The simple moving average 30 has been its support.
  • The H1 chart has been choppy today.
  • Intraday minor charts have been looking for their direction.
GBP/JPY H4 Chart
GBP/JPY H4 Chart

GBP/JPY- Technical Analysis-H4 Chart

The chart shows that the price after being bullish found its resistance around 185.900. Then, it made a bearish correction and found its support around the SMA 30 and horizontal level 184.600. Upon producing a bullish engulfing candle, it headed towards the North in the next candle. However, the buyers do not seem to be that confident, as the last swing high is adjacent.

A bullish breakout at 185.900 may push the price towards the North further. The price may find its resistance around 186.750. On the other hand, if the price finds its resistance at the last swing high, the sellers may wait for a bearish breakout at 184.500 to go short in the pair. It will be considered as a neckline breakout, so it may generate good bearish momentum.

GBP/JPY H1 Chart
GBP/JPY H1 Chart

Price Action Analysis- H1 Chart

The chart shows that after making a good bullish move, the price made a bearish correction. Then, it found its support around 185.250. It has been moving towards the North gradually. It may end up landing at 185.900. The sellers may wait for the chart to produce a bearish reversal pattern around that level to look for short opportunities. If that is produced, the price may head towards the downside and find its support around 184.500.

On the other hand, the buyers are going to eagerly wait for the price to breach the swing high to go long in the pair. A bullish breakout at that level may make the price to find its next resistance around 186.500.

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

Contact and follow Tareq on Twitter: @tareqfpn

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