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Market NewsTechnical Analysis

GBP/JPY: Bullish Momentum Leading, but Bears Lurk – Choose Wisely

November 23, 20231 Mins read128 Views
  • GBP/JPY has been bullish on the H4 chart having consolidation.
  • The pair trades around a confluence level.
  • The H1 chart has been bearish in Tokyo session, having a bullish correction.
GBP/JPY H4 chart
GBP/JPY H4 chart

GBP/JPY – Technical Analysis- H4 chart

The chart shows that the price found its horizontal support around 184.500 and made a bullish move. On its way, it made a breakout at the simple moving average 30. As of writing, the pair has been on consolidation around the SMA 30’s support. Thus, the buyers may keep their eyes on the price action and wait for a bullish reversal pattern to go long in the pair. Moreover, a flipped level of support at 186.400 still holds the price as a support. Thus, the buyers may consider it as a confluence level. If it gets bullish from here, the price may find its resistance around 188.000.

On the downside, if the price breaches the SMA 30’s support, the sellers may look to go short upon having breakout confirmation. In that case, the level of 185.200 may work as the next support.

GBP/JPY H1 chart
GBP/JPY H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has found its resistance around 186.950 and made a bearish move. The resistance level may be considered as a double top resistance if the price breaches 186.400. In that case, the pair may get bearish and the sellers may drive the price towards the South. It may find its support around 185.800.

Considering the fact that the level of 186.400 has been one of its supports, the buyers also may keep an eye to get a bullish reversal pattern around this level to go long in the pair. If that happens, they may push the price towards the last swing high at 186.950.

Both charts look good for the bear and bull. Thus, traders are to be very watchful here before making any trading decision. The bull is slightly ahead then the bear here. Nevertheless, buyers must wait for a bullish reversal pattern to buy the pair.

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

Contact and follow Tareq on Twitter: @tareqfpn

Previous post EUR/NZD: Traders Brace for Movement around 1.800000 Zone

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