Choppy Trading in GBP/JPY – Who Else is Trading the Range?

The Japanese cross GBP/JPY has been trading sideways as investors fell unsure about the trade war and Brexit issue. Both of the factors continue to negatively impact the GBP/JPY, which declined to the support level of 138.03 during the previous session.


What’s up, fellas.
The Japanese cross GBP/JPY has been trading sideways as investors fell unsure about the trade war and Brexit issue. Both factors continue to negatively impact GBP/JPY, which declined to the support level of 138.03 during the previous session.

At the moment, the GBP/JPY pair seems to retrace up as it has already crossed over 138.450 resistance level and now, the same 138.450 is extending support to Guppy.

On the hourly chart, the pair has crossed above 50 periods EMA at 138.400, which further adds to the bullish bias of investors. Alongside, the Stochastic and RSI are holding above 80, suggesting bullishness in GBP/JPY.

Support Resistance
138.48 139.44
138.09 140.03
137.13 141
Key Trading Level: 139.06

Speaking of target, the GBP/JPY pair is highly likely to continue bullish over 138.400 to target 138.650 and 139.

Stay tuned to FX Leaders for quick forex trading signals. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers