We update the Forex technical analysis for GBP/JPY daily. Please check the update time at the top before taking any action.
GBP/JPY Daily Technical Analysis
Current Exchange Rate: 168.40 at the time of analysis update.
GBP/JPY's Latest Analysis (February 11, 2014): The strong upward jump which broke over the expected resistance of 167.77 to 168.34 zone makes the outlook mildly bullish. However the current price-action is struggling against the 22-day EMA. On the upside any break over 168.50 should target the 55-day EAM resistance i.e. 168.80. However, we remain cautious for the upside because the approaching psychological level of 170.00 may cause some unexpected and volatile moves, Saying that we wish to add that overall we expect that the possibilities of further gains are more than another significant fall.
On the upside any decisive break over 169.30 will come as the second indication that the consolidation might already ve over and we can now focus back towards upside. However on the downside 167.20 will come as an indication for a possible drop towards 166.60 or more.
Further Resources and notes
Note 1: Please also take a look at GBP/JPY forecast for mid-term trading approach updated on the weekends.
Note 2: Please subscribe to the analysis newsletter so that we can send email alerts as soon as we update the the same.There can also be some news or some indications from technical indicators or chart patterns which may suggest some major moves. Please check and share such observations at GBP/JPY chart alerts. Do also check GBP/JPY market sentiments in the forum.
(For Carry Trade)
GBP/JPY Resistance and Support with Daily Pivot Points (Values at GMT 00:00)
Last Updated (Tuesday, 25 February 2014 05:32) GMT
|Standard Pivot Point for GBP/JPY||Fibonacci Pivot Point for GBP/JPY||Woodie Pivot Point for GBP/JPY||Camarilla Pivot Point for GBP/JPY|
Notes and caution about Forex analysis for GBP/JPY
The daily GBP/JPY analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and GBP/JPY price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for GBP/JPY.
However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.
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