GBP/JPY Price Analysis: Bulls moving in on a wall of weekly resistance
|- GBP/JPY moves further into weekly supply, but prospects of a daily upside extension on the cards.
- Failures on the upside open risk back to a weekly 38.2% Fibo retracement.
As per this week's, The Watchlist: GBP/JPY, EUR/USD, CHF/JPY and more setups in the making, GBP/JPY moved to the target, albeit in a drawn-out grind to the upside, stalling initially at a -272% target before pulling back to support only to move higher again.
Prior analysis
Live market
Worst case scenario, the trade would have been a breakeven scenario or a 1:2 risk to reward and winning outcome.
Meanwhile, there are prospects of an upside continuation from a daily perspective, albeit against a wall of resistance according to the weekly chart and market structure.
Daily chart
Weekly chart
Failures here open risk to a 38.2% Fibonacci retracement vs a wall of weekly resistance.
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.