Market NewsTechnical Analysis

GBP/JPY: Keep an Eye on the Pair for the Next Breakout

  • GBP/JPY has been having a bearish correction on the H4 chart.
  • The price seems to have found its support and may get bullish from there.
  • The H1 chart’s price action has been choppy.
  • Intraday minor charts are yet to find a direction.
GBP/JPY H4 Chart
GBP/JPY H4 Chart

GBP/JPY- Technical Analysis-H4 Chart

The chart shows that the price had a strong bounce around 181.000 and headed towards the North. It had a rejection around 184.350. The price has been having a bearish correction since then. The level of 183.000 seems to be working as a support where the price had a bounce. As of writing, the pair trades around the level. Another bullish reversal candle followed by a price breach at the consolidation’s resistance may push the price towards the North. The price may find its resistance around 184.350.

Since the pair is about to produce a double bottom at 183.000, the buyers may push the price towards the North further. Thus, it may end up making a new higher high.

GBP/JPY H1 Chart
GBP/JPY H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the price has been heading towards the downside by obeying a bearish trend line. It had multiple rejections. Thus, traders have been keeping an eye on this. On the contrary, the horizontal support has been holding the price. As of writing, the pair trades right where traders usually wait for a breakout. A bullish breakout at the trend line may push the price towards the upside with good momentum. The price may find its resistance around 184.350.

On the contrary, if the price breaches the horizontal support, the sellers may wait for the chart to confirm the breakout followed by a bearish reversal pattern to go short in the pair. The price in that case may find its support around 181.800.

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

Contact and follow Tareq on Twitter: @tareqfpn

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