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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

Trading suggestion:

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

DateJuly 24, 2022 - 21:17
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 peak is formed in daily chart at 166.235 on 07/20/2022, so more losses to support(s) 160.500 and minimum to Major Support (158.094) 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 46.

Supports and Resistances:

  1. 164.277
  2. 160.500
  3. 158.094
  4. 155.655
  5. 150.974
Click on the level to view price action history.