Home GBP/JPY Technical Analysis: Blue skies in Ichimoku initial target in the 149 handle
FXStreet News

GBP/JPY Technical Analysis: Blue skies in Ichimoku initial target in the 149 handle

FX Street
Updated:
  • GBP/JPY is in a well-defined uptrend, supported by the 21-4hr SMA, with blue skies on soft   Brexit optimism.  
  • Bulls can take comfort from the  Lagging Span in the Ichimoku strategy well behind price and series of bullish closes on a daily basis that sees the Tenken-sen moving back away from the  Kijun-sen, bullishly aligned again.
  • However, RSI is in overbought conditions on a daily basis and 4hr MACD is troublesome, although hourly momentum indicators  are leaning bullish.  
  • Additional gains will target R1 at 148.45 ahead of 149.20 and 149.51 (R3) completing a full retracement to the Sep, Oct and Nov 2018 highs.  
  • On the flipside, 148 is the trending support line that guards S2 at 146.92 ahead of S3 at 146.34.  

GBP/JPY Daily Chart

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.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024