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GBPJPY - Weekly forecast, Technical Analysis & Trading IdeasMidterm forecast: While the price is below the resistance 199.790, resumption of downtrend is expected. We make sure when the support at 182.782 breaks. If the resistance at 199.790 is broken, the short-term forecast -resumption of downtrend- will be invalid. Technical analysis: The descending flag taking shape suggests we will soon see another leg lower. A peak is formed in daily chart at 198.945 on 12/30/2024, so more losses to support(s) 191.884, 189.477, 186.231 and minimum to Major Support (182.782) is expected. Take Profits: 196.006 193.510 191.884 189.477 186.231 182.782 178.409 Total Profit: 3204 pip Closed trade(s): 1584 pip Profit Open trade(s): 1620 pip Profit Trade Setup: We opened 8 SELL trades @ 196.68 based on 'Peak' entry method at 2024-12-30, signaled by DTO. Closed Profit: TP1 @ 196.006 touched at 2024-12-31 with 67 pip Profit. TP2 @ 193.510 touched at 2025-01-09 with 317 pip Profit. TP3 @ 191.884 touched at 2025-01-13 with 480 pip Profit. TP4 @ 189.477 touched at 2025-01-17 with 720 pip Profit. 67 + 317 + 480 + 720 = 1584 pip Open Profit: Profit for one SELL trade is 196.68(open price) - 192.632(current price) = 405 pip 4 trade(s) still open, therefore total profit for open trade(s) is 405 x 4 = 1620 pip __________________________________________________________________ ❤️ If you find this helpful and want more FREE forecasts in TradingView, . . . . . Please show your support back, . . . . . . . . Hit the 👍 BOOST button, . . . . . . . . . . . Drop some feedback below in the comment! 🙏 Your Support is appreciated! Let us know how you see this opportunity and forecast. Have a successful week, ForecastCity Support Team
Short
by ForecastCity
9
GBPJPY ANALYSIS FOR JUNE 2022FX:GBPJPY The monthly chart shows that British Pound very probably will increase in value against the Japanese Yen. As we can see in May the price consolidated and closed above the resistance. In June we can expect the candle to form a bottom wick and continue to go up to fill the wick of April, once it exceeds April's high, it has a free traffic until 172.600. Another possible scenario is a pure consolidation of the price around that zone. It may drug up and down without decisive direction for a whole summer. However, one a big scale it is very improbabile it will break the bullish trend.
by rossty777
Do technicals point to more downside for GBPJPY?This most recent week, we saw GBP/JPY following the same bearish direction as the previous three weeks, with its strongest impulse happening during Wednesday's New York session. When looking at the weekly time frame, this pair has been in an uptrend. However, it is fast approaching a breakout of this upwards trendline, which has held prices up for the past couple of years. Technically we can look at the hourly chart and see the adherence the price showed to the Fibonacci and Exponential Moving Average. Looking at the most recent hourly range, we see GBPJPY retrace above the week's opening price during Monday's New York session to the 61.8 level. In that area is the EMA indicating another confluence for a move down. Price didn’t return to that area, with only two other weak retracements shown before the sell-off. Fundamentally speaking, there were no high impact news events for either currency last week. However, the UK has had its hands full with several factors. Brexit issues with Ireland continue, and numbers show the economy shrank at the end of March. Factor in that the Japanese Yen is typically seen as a safe haven, and the bearishness in this pair isn't too surprising. The coming week for GBPJPY Looking ahead at this upcoming week, it is full of news events for the GBP, with monetary policy report hearings happening Monday. This is followed by unemployment, CPI numbers, and retail sales later in the week. Of course, the most critical report is CPI, which I released on Wednesday. UK's CPI for April is expected to rise two percentage points to 9%, from 7% in March. The significant economic report from Japan is released at the end of the week. Japan's April CPI is released on Friday, and the market consensus is that it will rise to 1.5% from 1.2% in the previous reading.
by BlackBull_Markets