GBP/JPY may have reversed both its short and medium-term uptrends after the last bout of weakness.
GBP/JPY has fallen consistently during November, weakening by seven Yen to the Pound. It may now be in a bear trend both in the short and medium term, suggesting the odds favor more downside still. If so, the pair could see more downside on the horizon since it is a principle of technical analysis that the odds favor extensions of trends. GBP/JPY Daily Chart GBP/JPY began selling off on October 31 after it peaked at 199.81 on the preceding day.
80s on November 22 – seven whole Japanese Yen to the Pound Sterling lower than at the end of October. It has also broken below all three major Simple Moving Averages , the 50, 100 and 200-day SMAs on a closing basis. The Moving Average Convergence Divergence momentum indicator line has both crossed below the red signal line and below the zero level, and taken together these are bearish signs. A break below the 192.80 level could open the way to further losses with the next target at around 189.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/JPY Price Prediction: Runaway Gap opens as price leaps higherGBP/JPY opens a price gap after the open on Monday as it rallies higher following a breakout move from a Right-Angle Triangle pattern last week.
Read more »
GBP/JPY Price Prediction: Short-term trend may have reversed after Halloween sell-offGBP/JPY rose up after breaking out of the Right-Angle Triangle it formed during October and reached the minimum price expectation for price pattern, at 199.59, the 61.8% Fibonacci extension of the height of the Triangle at its widest point, higher (blue-shaded rectangle).
Read more »
GBP/CAD Price Prediction: Price flirts with lower boundary line of Rising Wedge patternGBP/CAD falls to the lower boundary line of a Rising Wedge pattern and the level of the (red) 50-day Simple Moving Average (SMA) at about 1.7826.
Read more »
GBP/JPY gains a lift after UK consumer price data and fall in safe-haven flowsGBP/JPY trades higher by about two-thirds of a percent in the 197.30s on Wednesday, after the release of higher-than-expected UK inflation data cemented bets the Bank of England (BoE) will leave its key bank interest rate at a relatively high 4.75% at its December policy meeting, and take a gradual approach to cutting interest rates in the future.
Read more »
GBP/JPY Price Forecast: Falls toward 195.50 after breaking below nine-day EMAThe GBP/JPY cross pares its recent gains, trading around 195.80 during the early European hours on Thursday.
Read more »
GBP/JPY Price Analysis: Bulls retain control despite consolidationThe GBP/JPY currency pair mildly declined on Wednesday as investors seem to be taking a breather.
Read more »