- GBP/JPY has been bullish on the H4 chart for some weeks.
- The SMA 30 has been working as a support.
- The H1 chart is on consolidation.
- Intraday minor charts have been choppy in the Tokyo Session.
GBP/JPY – Technical Analysis- H4 Chart
The chart shows that the price has been up trending on the H4 chart for the last two weeks. This week it has been bullish as well. As of writing, the price is having consolidation. A bullish signal may attract the buyers again to go long in the pair. The price may find its next resistance around 188.500.
On the contrary, the sellers may keep their eyes on the pair as well. As the chart suggests that the pair trades around a massive resistance. The level may end up producing a bearish reversal pattern. If that happens, the sellers may find short opportunities.
Price Action Analysis- H1 Chart
The H1 chart shows that the price has been up trending by obeying a trend line. In fact, several trend line’s have been working as support. It looks good for the buyers. However, considering the major charts’ resistance, the pair may get sluggish. The chart shows that the price has been having consolidation for some hours. Buyers must wait for a bullish reversal pattern at the value areas to find long opportunities.
On the contrary, the sellers may wait for the price to breach trend line’s support to go short in the pair. Since the trend line’s support has some space, so it may take time to make a breakout there.
Considering both charts, according to price action, it looks good for the buyers. However, massive resistance on the major charts may turn things around. Thus, we may see that the pair gets sluggish despite having a strong bullish trend on those two charts.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn