GBP/JPY Technical Analysis: Diamond pattern on hourly chart

Omkar Godbole FXStreet Contributor

GBP/JPY's consolidation in the range of 147.00-149.00 has taken the shape of a diamond pattern on the hourly chart. A break above the upper edge of the diamond, currently at 148.00, would signal a resumption of the rally from the lows near 145.00 and could yield a break above 150.00.

A break below the lower edge, currently at 147.66, could yield a pullback to the rising trendline support at 147.19. As of writing, the pair is trading at 147.83.

Hourly chart

Trend: Bullish above 148.00

GBP/JPY

Overview:
    Today Last Price: 147.89
    Today Daily change: -3 pips
    Today Daily change %: -0.02%
    Today Daily Open: 147.92
Trends:
    Daily SMA20: 145.95
    Daily SMA50: 143.28
    Daily SMA100: 143.51
    Daily SMA200: 144.66
Levels:
    Previous Daily High: 148.88
    Previous Daily Low: 147.38
    Previous Weekly High: 148.47
    Previous Weekly Low: 144.31
    Previous Monthly High: 148.28
    Previous Monthly Low: 141.01
    Daily Fibonacci 38.2%: 147.95
    Daily Fibonacci 61.8%: 148.31
    Daily Pivot Point S1: 147.24
    Daily Pivot Point S2: 146.56
    Daily Pivot Point S3: 145.74
    Daily Pivot Point R1: 148.74
    Daily Pivot Point R2: 149.56
    Daily Pivot Point R3: 150.24

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.