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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.

DateSeptember 3, 2022 - 14:28
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 168.420, resumption of downtrend is expected.
  • We make sure when the support at 158.000 breaks.
  • If the resistance at 168.420 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • 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 resumption of downtrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 163.920 on 08/04/2022, so more losses to support(s) 161.276 and minimum to Major Support (158.000) 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 44.

Supports and Resistances:

  1. 164.277
  2. 161.276
  3. 158.000
  4. 155.655
  5. 150.974
Click on the level to view price action history.