More

    GBP/JPY to Move towards Fib Marker at 159.99

    Pair Needs to Breach 147.96 Neckline to Move Further

    The GBP/JPY pair has risen substantially since June, 2020. Compared to the major low of 124.09 hit a year ago, the pair has soared since by 26%. Now, GBP/JPY is about to test a major dropped-down resistance line drawn from 251.11, which was the peak reached in July 2007. The pair is expected to have a break before resuming its upward movement. 

    Analysts view the rise of GBP/JPY as boosted by a solid ascent over a crucial moving average marker at 144.04. The pair speeded up further by breaching over a 147.96 neckline. The upside is moving towards the 50% Fibonacci retracement of 195.88, which is the top reached in June 2015. This is also the more recent lows of 124.09 adjusting at 159.99.

    The GBP/JPY pair should annihilate some short-term overbought heat when it slides from 156.07, with a cut below 154.76 to enable a further corrective decline. Below this level, there lies the kijun support of 153.45 on the daily Ichimoku charts, analysts explain. 

    Related Articles

    USD/CNH Price Analysis: Pair to Continue Downturn Movement

    Analysts Focus on 6.3300 as Sign of USD’s Recovery Analysts...

    EUR/USD to Consolidate in 1.2150-1.2265 Range

    Euro to Trade between 1.2180-1.2235 on Thursday In analysts’ opinion,...

    Copper to Head for 11,000 Level

    The $9,719-$9,617 Zone to Offer LME Valuable Support Copper (LME)...

    Silver Slides from Ten-Day High, Pushed Lower by Rising USD and Yields

    XAG/USD Has No Acceptance above $28 Silver moved into negative...

    EUR/CHF Technical Analysis: Pair Rebounds at 1.0927 Uptrend

    EUR/CHF to Taste Resistance at the 1.1009-20 Area The EUR/CHF...

    AUD to Remain around $0.78 over Next Few Years

    RBA Expected to Enlarge Bond Purchase Program Next Month The...

    Crude Oil to Reach Fresh High at $68.00

    If Price Breaches $67.50 Mark, It will Shoot Even...

    USD/JPY: Pair to Head for 110.97 March High

    Yen Remains Positive above 108.55 The USD/JPY pair has recovered,...