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Weekly forecast British Pound / Japanese Yen technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateSun, 04/05/2020 - 16:34
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • While the price is below the resistance 136.90, beginning of downtrend is expected.
  • We make sure when the support at 123.85 breaks.
  • If the resistance at 136.90 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 134.70 on 03/27/2020, so more losses to support(s) 130.40, 126.65 and minimum to Major Support (123.85) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 47.

Supports and Resistances:

  1. 149.50
  2. 146.50
  3. 143.70
  4. 133.85
  5. 116.80
Click on the level to view price action history.