GBP/JPY Technical Analysis Summary
Buy Stop: Above 152,2
Stop Loss: Below 148,4
GBP/JPY Chart Analysis
GBP/JPY Technical Analysis
On the daily timeframe, GBPJPY: D1 approached a strong support line. There is a chance that he will not break through it and will correct upward again. To open a buy position, the chart needs to cross the 200-day moving average line. We do not rule out a bullish movement if GBPJPY rises above the Parabolic signal and the 200-day moving average line: 152.2. This level can be used as an entry point. The initial risk limitation is possible below the lower Bollinger band and the last lower fractal: 148.4. After opening a pending order, move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a deal, can go to the four-hour chart and set a stop-loss, moving it in the direction of movement. If the price overcomes the stop level (148.4) without activating the order (152.2), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex – GBP/JPY
Relatively weak economic data came out in Japan. Will the GBPJPY quotes go up?
An upward movement signifies a weakening of the Japanese yen against the British pound. Japan Household Spending rose less than expected in October. On December 8, the final data on Japanese GDP for the 3rd quarter will be released in the morning. In theory, there is a risk that it will also turn out to be worse than the preliminary estimate (-3% in annual terms). Since household final consumption occupies a significant part of Japan’s GDP (about 55%). In turn, important economic data in Britain will be published on Friday, December 10. In particular, the British GDP for October and other indicators will be released.