HomeAnalysis NewsForex Trading: GBPJPY Technical Analysis – January 10, 2020

Forex Trading: GBPJPY Technical Analysis – January 10, 2020

10 January 2020 By Galina Mikova

The Great Britain Pound (GBP) again inched higher against the Japanese Yen (JPY) by consistently labeling bullish candles for a week, today at a price of more than 143.00. The graph below represents the GBP’s ongoing efforts as it continually tries to gain the level, a high of December 16, 2019. The major economic news at the moment becomes the cause of this increase. Talking about the technical bias, with the higher high move in the last upside move, as shown in the graph, it remains bullish.

GBP/JPY: Technical Analysis

As of writing this piece, the GBPJPY is being traded at the price of around 143.31. The graph below shows the resistance above the price that might cease its forward movement but just a few in number, the price may experience its first resistance at the price of 147.75, a trendline resistance that is much far from the price, ahead of 148.00, a psychological number, and the then the major horizontal resistance stands at 148.82.

GBPJPY

With the number of support levels on the downside, the price is fully backed up from the backing and also get the high power support to take the price above this level, a trendline support is very soon just after the current price is 142.16, and then another trendline of 140.22, is also very close to the price, and then the graph above represents the major horizontal support of 137.27.

GBP British Retail Consortium (BRC) Like-For-Like Retail Sales

Fundamentally, the British Retail Consortium (BRC) Like-For-Like Retail Sales is increasing its percentage from -4.9 to 1.7 this month, measuring changes in the actual value of retail sales from participating companies with invaluable information on management. Their information is reliable. A high reading is therefore considered to be good (or bullish) for GBP.

Trade Idea

Looking at the recent behavior of  GBPJPY, it would be expected that the pair’s price will push forward and there are fewer chances of market back-up, so opportunities are available for short and medium-sized traders to make a profit.