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  • The GBP/JPY is twisting near recent peaks, set for a bearish correction after pushing higher last week.
  • With trade fears ramping up, continued flights into safe havens like the Japanese Yen can be expected.
  • The Guppy is primed for a technical rejection from the 200-day EMA, which has  held prices under wraps since May of this year.

GBP/JPY Chart, 1-Hour

Spot rate 146.35
Relative change Negligible
High 146.50
Low 146.35
   
Trend Overbought
   
Support 1 146.21 (50-hour EMA)
Support 2 144.29 (61.8% Fibo retracement level)
Support 3 143.07 (previous week low)
   
Resistance 1 146.71 (200-day EMA)
Resistance 2 147.00 (major technical level; previous week high)
Resistance 3 147.15 (September high)

 

Expert score

5

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