GBP/JPY Price Analysis: Bulls coming up for their last breath?
|
- GBP/JPY is moving into a heavy supply area and focus is on the downside.
- Bears to monitor for bearish conditions in a capitulation of the bulls.
Further to the prior analysis, GBP/JPY Price Analysis: Bears in control towards daily 61.8% Fib target, 141.57, the price indeed melted to the downside, all the way to, in fact, to a low of 141.28.
However, the bulk of the business was done at the targetted area of support before the price rallied back to the upside from this strong demand area.
Prior analysis
Live market
Forward outlook
Looking left, the market can reach the 142.60s in a -0.272% Fibonacci retracement of the daily correction's range which meets prior highs and lows.
The focus, while price enters this supply territory, is on the downside back towards the 140.30 area in what would be a 38.2% Fibonacci retracement of the uninterrupted weekly bullish trend.
Therefore, the 4-hour chart can be now monitored for a downside optimal entry point and bearish conditions:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.