GBP/JPY Could Aim for Another Increase
GBP/JPY is rising and might aim for more upsides above the 164.00 resistance.
Important Takeaways for GBP/JPY
GBP/JPY is slowly moving higher from the 163.00 zone.
There is a key rising channel forming with support near 163.75 on the hourly chart.
GBP/JPY Technical Analysis
The British Pound started a fresh decline from the 166.40 zone against the Japanese Yen. The GBP/JPY pair declined below the 165.25 and 164.00 support levels.
It traded as low as 162.77, and the pair is now correcting higher. There was a move above the 163.00 pivot level. The bulls pushed the pair above the 23.6% Fib retracement level of the downward move from the 166.39 swing high to the 162.77 low.
It seems to be consolidating above the 50-hour simple moving average as the hourly RSI is flat above 50. Resistance on the upside is near the 164.00 zone.
The next key resistance could be near the 50% Fib retracement level of the downward move from the 166.39 swing high to the 162.77 low at 164.60. A clear break above the 164.60 resistance could push the pair toward the 165.25 resistance.
If not, the pair might start a fresh decline. On the downside, initial support is near a key rising channel on the hourly chart at 163.75.
A downside break below the channel support could encourage the bears to push the pair further lower. The next major support is near 163.00. Any more losses might call for a test of the 162.20 support level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for GBP/JPY
GBP/JPY is slowly moving higher from the 163.00 zone.
There is a key rising channel forming with support near 163.75 on the hourly chart.
GBP/JPY Technical Analysis
The British Pound started a fresh decline from the 166.40 zone against the Japanese Yen. The GBP/JPY pair declined below the 165.25 and 164.00 support levels.
It traded as low as 162.77, and the pair is now correcting higher. There was a move above the 163.00 pivot level. The bulls pushed the pair above the 23.6% Fib retracement level of the downward move from the 166.39 swing high to the 162.77 low.
It seems to be consolidating above the 50-hour simple moving average as the hourly RSI is flat above 50. Resistance on the upside is near the 164.00 zone.
The next key resistance could be near the 50% Fib retracement level of the downward move from the 166.39 swing high to the 162.77 low at 164.60. A clear break above the 164.60 resistance could push the pair toward the 165.25 resistance.
If not, the pair might start a fresh decline. On the downside, initial support is near a key rising channel on the hourly chart at 163.75.
A downside break below the channel support could encourage the bears to push the pair further lower. The next major support is near 163.00. Any more losses might call for a test of the 162.20 support level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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