GBPJPY is advancing above the 200-day simple moving averages (SMAs) and the 23.6% Fibonacci retracement level of the up leg from 129.30 to 156.06 t 149.75, remaining in a medium-term downward sloping channel. 


Regarding the technical indicators, the stochastic oscillator is turning upwards after the bullish crossover within the %K and %D lines in the oversold territory, suggesting a positive bias. Moreover, the RSI is rising in the positive region, following the rebound off the 30 level.

A break above the Ichimoku cloud and the return line of the channel would ease the downside pressure, while a climb above the 152.80-153.40 could help turn the medium-term bias to a bullish one.

If the bears take the upper hand again and the price drifts below the 23.6% Fibonacci, that could bring into play the 148.45-148.90 zone and the 38.2% Fibonacci of 148.85. More declines could take the market until the 50.0% Fibonacci of 142.70.

Overall, GBPJPY has been in a descending channel since May 27; however, a rise above the 40-month high of 156.06 could switch the outlook to positive.


Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 


GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 


XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more