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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (166.467 to 166.467). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (166.467)
  • Ending of entry zone (166.467)

DateJuly 10, 2022 - 09:28
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 158.094, resumption of uptrend is expected.
  • We make sure when the resistance at 168.420 breaks.
  • If the support at 158.094 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The double tops taking shape.
  • There is a divergence in RSI and price between the peak at 168.426 on 2022-04-20 and the peak at 168.718 on 2022-06-09, the probability of uptrend continuation is decreased and the probability of beginning the correction wave is increased.
  • A trough is formed in daily chart at 160.380 on 07/06/2022, so more gains to resistance(s) 164.277, 166.467 and maximum to Major Resistance (168.420) 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 49.

Take Profits:

  1. 164.277
  2. 162.835
  3. 160.986
  4. 158.094
  5. 155.655
Click on the level to view price action history.