Denis Joeli Fatiaki
Independent Analyst
GBP/JPY: British pound pushes through 148.160; Critical resistance at 148.340
What is going on now with GBP/JPY?
GBP/JPY: The Pound bounced at the estimated support price point at 146.640 since my last update on Monday 15/10. The pair broke through 147.040 and reached 147.230 in yesterdays session but failed to continue and retreated to 147.040 as indicated on the 60 minutes price chart. The final breakthrough came towards the end of the Asian session in yesterday's trades. The pair broke through its 500 EMA and took out all its estimated targets before retreating to 147.900 in this mornings session.
Our forecast
GBP/JPY: The Pound has recovered most of its losses since its fall from last weeks session, and has recovered above its 500 EMA which is technically considered a positive sign. However, The Pound needs to maintain above 147.900 to hold the current trend. The pair currently trades at 148.61 and could continue to 148.340 if it maintains above 147.900. A break above 148.340 could clear the path for a further run to the upside. The pair could also fall to its 500 EMA at 147.630 if it fails at 147.900
Support - 147.900, 147.630, and 147.470
Resistance/ Target - 148.160, 148.340, 148.590, and 148.850
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the GBP/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the GBP/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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