Weekly Technical Analysis Report 19 January – GBPJPY played out nicely, a pullback presents an opportunity to play a further drop
Weekly Technical Analysis Report 19 January – GBPJPY played out nicely, a pullback presents an opportunity to play a further drop
1. Last week’s outlook on GBPJPY: Bearish play seen
On the daily time frame, prices mitigated a key resistance zone where we could see further downside below this level. On the M30 time frame, a pullback to the resistance zone at 157.606, in line with the 127.2% Fibonacci extension, presents an opportunity to sell with 156.755 as our support target. Stochastic is approaching resistance as well where we could see a reversal below this level.
GBPJPY Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/GBPJPY/QWb91jvo-Outlook-on-GBPJPY-Bearish-play-seen/
2. This week’s outlook on GBPJPY: Pullback on GBPJPY presents an opportunity to play a further drop
On the daily time frame, prices mitigated a key resistance zone where we could see further downside below this level. On the H4 time frame, we are seeing bearish order flow come into play with prices forming lower lows and lower highs. A pullback to the resistance zone at 157.065, in line with the 78.6% Fibonacci retracement, 127.2% Fibonacci extension presents an opportunity to play the drop, with 153.564 support zone as our target. Ichimoku cloud is showing signs of bearish pressure as well.
Pullback on GBPJPY presents an opportunity to play a further drop by Salzworth on TradingView.com
