GBP/JPY Technical Analysis for Today

Technical Analysis :

GBP/JPY is having sideways secondary trend  on charts. In its hourly chart, the pair is not sustaining at higher levels and consolidating with strong negative bias to give break out at downside. Its 30 and 200 DMA are also supporting the upcoming bearish trend in the pair. It is facing an important support at the level of 185.30. If it breaks its support level at downside then we can expect it show further bearish movement in the pair.

Indicators: 

MACD is sustaining in selling territory indicating the upcoming bearish trend in the pair.

Trading Strategy: GBP/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions.

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GBP JPY Forex Technical Analysis

SUMMARY :

GBP/JPY is in uptrend but prices are not sustaining on higher level. It is sustaining on rising trendline & forming a double top formation on higher levels,which is expected to give a breakout downside. If GBP/JPY breaks the level of 181.40 it can come down to the levels of 180.40 . Prices are taking resistance from 30 DMA & consolidating for gaining strength to give down side breakout. RSI is sustaining below the 50 level & showing no strength to breaking it upside & indicating to continue the down trend for this week also. MACD line is sustaining below the Zero line & supporting the downside movement for next few sessions.

 

Technical Chart

STRATEGY :

GBP/JPY is looking weak on charts. Indicators also supporting the same. One can go for sell on higher level strategy for this pair for intra day to mid term positions