- October 18, 2021
- Posted by: cabana-admin
- Category: Market Insights
TECHNICAL OVERVIEW: GBPJPY regained some positive traction on the first day of a new trading week. The British pound seems to be more reactive now as comparatively Japanese yen, the pair might complete its rally its level 157.50 in the chart. The pair cross traded with the mild positive bias through the first half of the European session and was last seen hovering near daily tops, around the 157.00 region.
The pair also breaks its resistance level 155.00 in the market, and may continually higher highs in the market. The bulls are in the strong force in sharply moving towards the buying side in the market. The pair makes the strong higher side rally in the market by breaking the resistance level 155.00 something in the chart. Despite worries about the fast-spreading Delta variant and a global economic slowdown, the underlying bullish tone in the financial markets undermined the safe-haven Japanese yen; however on the hourly chart also pair makes the strong point towards the 155.00 in the market. The buyers make continually higher side formation in the chart. The strong EMA and SMA are also moving supporting the bullish basis more in the market.
TRADE IDEA: Technically indicator RSI and MACD supporting the buy side in the market. The traders can make side positive trade towards the buy side level 157.03 , tp will be 157.50 , 158.00 sl will be 156.50