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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD jumps above 1.20 on upbeat market mood

EUR/USD has jumped above 1.20, hitting the highest since March amid a risk-on mood and falling US yields. An uptick in EU vaccination rates is also boosting sentiment.

EUR/USD News

GBP/USD advances toward 1.39 as US yields drop

GBP/USD is on the rise as falling US yields drag the euro down. Britain's successful vaccination campaign and an optimistic market mood also support cable.

GBP/USD News

XAU/USD hits fresh two-month highs near $1790 as US dollar tumbles

Gold is breaking higher towards $1800, as USD sell-off resumes. The US Treasury yields remain depressed amid dovish Fed bets. XAU/USD’s technical indicators point to more upside.

Gold News

Ripple recovery in full force as key indicator flashes buy signals

XRP price is poised for a significant rebound after the TD Sequential indicator presented two buy signals. The digital asset faces only one crucial resistance level on its way up. The number of large holders continues to steadily increase. 

Read more

S&P 500 Week Ahead: Banks beat the street, COIN booms as funds flow to ETFs

Equity markets continue to remain bolstered from all sides as the macro environment produces strong numbers, earnings continue to smash estimates and inflation concerns take a back seat. Earnings season switches from bank stocks to reopening plays.

Read more

Forex MAJORS

Cryptocurrencies

Signatures