GBP/JPY is trapped in recent ranges and traders seek a breakout, preferably to the upside. Bears are in control for the meanwhile, testing below trendline support on the daily sticks. GBP/JPY is offering a mixed outlook on the charts with both the monthly and weekly trading in a clear upside bias while the daily trapped between support and resistance. The following is a top-down analysis that swing traders can use to gauge where the next opportunity might show-up. Monthly chart The monthly chart is in the process of a bullish extension from the monthly W-formation’s nose. Weekly chart The weekly chart is retesting the nose of the W-formation and price could be subject to a move to the upside from here, in synch with the monthly formation. Daily chart From a daily perspective, the price is trapped between support and resistance. There is currently a bearish bias given the break out below the trend line support and the formation of the head and shoulders formation. However, the time frames are conflicting and swing traders may wish to sit this one out for the time being while the price is trading between the support and resistance. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI: Off intraday top but stays mildly positive near nine-month high above $47.00 FX Street 2 years GBP/JPY is trapped in recent ranges and traders seek a breakout, preferably to the upside. Bears are in control for the meanwhile, testing below trendline support on the daily sticks. GBP/JPY is offering a mixed outlook on the charts with both the monthly and weekly trading in a clear upside bias while the daily trapped between support and resistance. The following is a top-down analysis that swing traders can use to gauge where the next opportunity might show-up. Monthly chart The monthly chart is in the process of a bullish extension from the monthly W-formation's nose. Weekly chart The weekly… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
