Forex Trading: GBPJPY Technical Analysis – January 15, 2020

Today’s Great Britain Pound (GBP) with a price of more than 143.00, pulled up against the Japanese Yen (JPY). Although the growth of today, the price constantly fluctuates its movements from more than a week, this has resulted because of UK’s adverse news. Due to the lower high move, as shown in the last downside move, on the graph, the technical bias remains bullish.

GBP/JPY: Technical Analysis

As of writing this piece, the GBPJPY is being offered at the price of 143.01, the graph below reflects that the price is assisted with the number of support levels, the immediate support level, that just below the price is the trendline support of 143.54, and soon after it there is another trendline of 140.45, and then the support of major horizontal comes at 137.08.

GBPJPY

There are the resistance levels on the upper side that not allow the price to move above this said levels or it may push back the price from its current level, at first there is a major horizontal resistance of 143.62, afterward, there is the Fibonacci level of 144.61, and then at 145.85, there is the resistance of trendline, as exhibited in the graph above.

UK Gross Domestic Product

Fundamentally, the Gross Domestic Product was also on the UK’s list of poor situations with a reading of -0.3 percent. GDP is seen as a specific indicator of the UK’s economic activity. A downtrend is generally perceived as negative (or bearish).

Trade Idea

Based on GBPJPY’s recent behavior, it would be predicted that the pair’s price will go forward and market back-up chances are smaller, so there are opportunities for both short and medium-sized traders to make a profit.

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