GBP/JPY Daily Outlook: Analyzing Downward Momentum
Monday, 22 July 2024, 07:04
GBP/JPY Technical Outlook
The current dynamics of the GBP/JPY currency pair indicate a resumption of downward pressure following a critical breach of the 20208 temporary low.
Current Analysis
- Intraday bias is leaning towards the downside.
- Fall from 208.09 is continuing, acting as a correction to the prior increase from 178.32.
- The next target is the 55 D EMA, presently at 201.02.
- A sustained break below this level will aim for the 38.2% retracement at 196.71.
Potential Outcomes
- If a break occurs at 204.20 resistance, this could restore near-term bullishness.
- Such a move might then permit a retest of the 208.09 high.
In conclusion, the GBP/JPY's direction hinges on the key levels of resistance and support outlined above, determining whether the pair will continue its bearish trajectory or regain upward momentum.
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.