- April 20, 2021
- Posted by: cabana-admin
- Category: forex trading, Market Insights
General overview: A combination of factors pushed GBP/JPY higher in the place of demand. The risk-on mood undermined the safe-haven JPY and remained supportive of the move. The GBP/JPY cross continues scaling higher through the Asian session and climbed to again positive swings, around the 153.40 region in coming time. The pair keeps on rising towards the buy side in the market; the pair makes its volatility toward the positive momentum in the chart, and trying the climbs up further more upside in the chart. The cross built on the previous day’s strong move in market and gained some positive follow-through traction for the second consecutive session on Monday. The Japanese yen are trying to create the demand in the market and carrying through the north side in the market.
Technical analysis: From the technical point of view we can say that market creates positively high side buying in the market and stand towards the buy side in the market. The British pound benefitted from a modest US dollar profit-taking slide from multi-month tops. This was seen as another factor that provided an additional lift to the GBP/JPY cross. Bulls seemed rather unaffected by China’s move to impose sanctions on nine individuals and four organizations in UK. On the 4 hourly charts market is making the upwards rising swings in the market and creates the positional buy in the market. The pair is towards the side and creates the rounding bottom in the chart. The pair fined its target level 153.40 in daily chart and after certain point the pair is expected to fall. The pair fined buys side for the time while aggressive after crossing 50 Ema level and 200 SMA travels towards high side in the market. The indicator is also towards the buy side in the market RSI is favoring the 50 level and MACD also try to create buy side in the market. The support level will be 150.00 followed by 149.50 and resistance will be 152.00 followed by 151.50.
Trade idea : Traders will sit on the buy side at level 151.50 target will be 152.20 followed by 153.00 and stop loss will be 149.60.