GBP/JPY Weekly Analysis: Pullback Trends and Market Predictions
Sunday, 21 July 2024, 04:30
GBP/JPY Weekly Outlook
The GBP/JPY's pullback from 208.09 extended lower last week, but it saw a recovery after hitting 202.08.
Current Market Analysis
Initially, the bias for this week remains neutral. Further falls are favored, provided the resistance at 205.77 holds strong. This current decline from 208.09 might be an indication of a correction in the overall rise from 178.32.
- If the price breaks 202.08, the next target will be the 55-day EMA at 201.21.
- A sustained break at this level could lead to the 38.2% retracement of the move from 178.32 to 208.09, which is around 196.71.
- However, if 205.77 is breached, it will likely retain near-term bullishness and prompt a retest of the high at 208.09.
In conclusion, traders should watch key resistance levels closely for indications of market direction.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.