GBPJPY is gaining ground, currently striving to close above 140.82 to clearly resume the climb. The steady incline is also sponsored by the progressing Ichimoku lines and the advancing 50- and 100-day simple moving averages (SMAs). Additionally, an approaching bullish crossover of the 200-day SMA by the 50-day one may fortify the positive outlook.
The short-term oscillators further support an improving picture. The MACD, some distance in the positive area, is above its red signal line, while the RSI is pushing to climb above the 70 mark. The %K line of the stochastic oscillator is stalling in overbought territory but has yet to confirm any bearish tone, thus endorsing further advances.
If the price continues to develop, a band of inside swing lows from 142.30 to 142.63 may deliver initial resistance. If buyers manage to overcome this, the key 143.71 high could then draw traders’ focus. Sustained buying may then be challenged by the 144.94 peak, identified on February 21.
In the event sellers retake control, early support may come at the 140.00 handle, which happens to be the 76.4% Fibonacci retracement of the down leg from 144.94 - 124.00, and where the red Tenkan-sen line is located. Fading further the 137.73 - 138.23 region of lows - where the blue Kijun-sen lies - could attempt to dismiss the retreat. Not far underneath, another tough support zone (137.36 to 136.61), where the nearing bullish crossover of the 200-day SMA is forming, could challenge the descent.
In brief, the short-to-medium term bias is bullish above the 137.73 to 138.23 support section. If the pair plummets below the 100-day SMA at the 135.00 trough, this could spark bearish concerns.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
EUR/USD extends slide under 1.0900, hits one-week lows
EUR/USD dropped further during the American session and reached a one-week low under 1.0900. The pair has turned negative for the week, with the US Dollar recovering further despite mixed US data and risk appetite.
GBP/USD extends slide towards 1.2600 as Dollar strengthens
GBP/USD slid towards the 1.2600 region, retreating almost a hundred pips from daily highs. The pair weakened further after the release of US consumer inflation and Jobless Claims data. The US Dollar gained momentum boosted by higher Treasury yields.
Gold eases as investors rush away from safety
Financial markets turned optimistic after US inflation eased further in November. Speculative interest increases bets of a shift in central banks' monetary policy. XAU/USD is in a bearish corrective decline in the near term, slide should remain limited.
Kyber exploiter asks for complete control of all assets after nearly $50 million exploit
Kyber Network, a cross-chain decentralized exchange and aggregator, was hit by an exploit that drained nearly $50 million in cryptocurrencies from its liquidity pools. The exploiter contacted the team, asking them to await a statement concerning a “potential treaty.”
Salesforce rally helps Dow Jones outpace NASDAQ, S&P 500 on Thursday
Salesforce (CRM) is the main story on Thursday. The enterprise software company utilized artificial-intelligence-based (AI) integrations in its product suite to grow profits and revenue for the third quarter.