GBP/JPY struggles to extend the previous day’s recovery. Upbeat RSI, sustained trading beyond 23.6% Fibonacci favor the buyers. Sellers will look for entry below January 28 bottom. GP/JPY trades around 142.70 during Wednesday’s Asian session. In doing so, the pair probes a two-week-old falling trend line and 200-bar SMA. The pair’s ability to remain above 23.6% Fibonacci retracement of its declines from December 13, 2019, to January 05, 2020 gains support form positive RSI conditions. As a result, buyers can still be hopeful for a breakout above the key 142.74/82 resistance confluence. Following that, a 50% Fibonacci retracement level near 144.40 will be the next key resistance to watch ahead of the yearly top surrounding 144.60. Meanwhile, the pair’s declines below 23.6% Fibonacci retracement level of 142.52 can’t please sellers unless the prices slip beneath January 28 low near 141.50. That said, the yearly trough around 140.80 and 140.00 psychological magnet could gain the market’s attention during the further weakness. GBP/JPY four-hour chart Trend: Further recovery expected 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 New Zealand labor market surveys will be a positive surprise for RBNZ – Westpac FX Street 2 years GBP/JPY struggles to extend the previous day’s recovery. Upbeat RSI, sustained trading beyond 23.6% Fibonacci favor the buyers. Sellers will look for entry below January 28 bottom. GP/JPY trades around 142.70 during Wednesday’s Asian session. In doing so, the pair probes a two-week-old falling trend line and 200-bar SMA. The pair’s ability to remain above 23.6% Fibonacci retracement of its declines from December 13, 2019, to January 05, 2020 gains support form positive RSI conditions. As a result, buyers can still be hopeful for a breakout above the key 142.74/82 resistance confluence. Following that, a 50% Fibonacci retracement level near… 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.
