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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 (167.560 to 168.420). 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 (167.560)
  • Ending of entry zone (168.420)

DateSeptember 18, 2022 - 17:59
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 168.420, beginning 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 -beginning 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 beginning of downtrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
  • A peak is formed in daily chart at 167.710 on 09/13/2022, so more losses to support(s) 162.714, 160.983, 159.472 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 48.

Take Profits:

  1. 165.766
  2. 164.277
  3. 162.714
  4. 160.983
  5. 159.472
  6. 158.000
  7. 155.655
  8. 150.974
Click on the level to view price action history.