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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (152.80 to 156.60). 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 (152.80)
    • Resistance on 04/12/2018
    • Resistance on 02/09/2018
    • Resistance on 02/08/2018
    • Resistance on 02/07/2018
    • Support on 01/30/2018
    • Support on 01/29/2018
    • Resistance on 01/16/2018
    • Resistance on 01/15/2018
    • Resistance on 01/12/2018
    • Resistance on 01/04/2018
    • Resistance on 01/03/2018
    • Resistance on 01/02/2018
    • Resistance on 12/08/2017
    • Resistance on 12/04/2017
    • Resistance on 09/22/2017
    • Resistance on 09/21/2017
  • Ending of entry zone (156.60)
    • Peak on 02/02/2018
    • Resistance on 02/02/2018
    • Resistance on 02/01/2018

DateApril 14, 2018 - 17:15
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 156.600 would begin in Midterm.

Technical analysis:

  • A trough is formed in daily chart at 148.40 on 04/02/2018, so more gains maximum to Trend Hunter Sell Zone (152.80 to 156.60) 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 65.

Take Profits:

  1. 151.95
  2. 150.70
  3. 148.45
  4. 146.95
  5. 145.30
  6. 143.55
  7. 139.45
  8. 135.60
  9. 129.60
  10. 125.50
  11. 116.80
Click on the level to view price action history.