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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trading suggestion:

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

DateDecember 5, 2020 - 21:16
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 142.700, beginning of downtrend is expected.
  • We make sure when the support at 133.050 breaks.
  • If the resistance at 142.700 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 138.16 on 11/27/2020, so more gains maximum to Major Resistance (142.70) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 63.

Supports and Resistances:

  1. 149.50
  2. 139.75
  3. 137.65
  4. 135.65
  5. 116.80
Click on the level to view price action history.