Forex Trading: GBPJPY Technical Analysis – Febuary 18, 2020

The Great Britain Pound displayed the bullish candle against the Japanese Yen on Tuesday, the second day of the trading week, at a price of more than 143.00, even though it was fallen yesterday, but to the benefit of United Kingdom’s favorable news, luckily it coped itself and thus called itself higher with the green sign mark on the graph. The technical bias so-called to be bullish for a while due to the higher high movement on the graph in the last upside move.

GBP/JPY: Technical Analysis

Recently, the GBPJPY valued itself at 143.02 on the graph, on the upper side, it has the resistance levels which generate the doubt for the price that it might drive it backward, the first trendline resistance is just above the price, which is at 143.08, with a very quick gap, there is the Fib level of 61.8 percent at 143.53, then the main horizontal resistance stands at 144.38.

GBPJPY

On the downside, its optimum for the GBPJPY that it is supported with the support levels, at 141.91, it gets its first support level, the combination of two trendlines support, ahead of that, at 141.23 there is the 32.8 percent Fib level and then at 139.16, it is assisted with the great horizontal support.

UK Claimant Change

The National Statistics released Claimant Change identifies the number of unemployed people in the UK. There is a tendency to affect volatility in the GBP. This indicator was expected to rise by the economist to 22.5 K but it hangs on the 5.5 K itself. An increase in this measure typically has negative implications for consumer spending that hinder economic growth.

A high reading is usually seen as negative (or bearish) to the GBP, while a low reading is seen as positive (or bullish).

Trade Idea

It has been reached the conclusion from the above analysis, meanwhile, it provides the short and medium position holders with opportunities for the financing.

 

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