GBP/JPY Price Prediction: Pulling back in established short-term downtrend
Source Fxstreet
- GBP/JPY is correcting within a new downtrend.
- The correction is likely to eventually end and the downtrend to resume, pushing prices to new lows.
GBP/JPY has been falling since it rolled over at the September 2 high. It has now probably begun a new short-term downtrend, reversing the previous August uptrend.
Most recently it bottomed out on September 6 and pulled back. It now seems to be falling again, perhaps resuming its dominant downtrend.
GBP/JPY 4-hour Chart
In technical analysis theory the odds favor an extension of the established downtrend, which suggests further weakness as the short-term trend unfolds.
A break below 186.51 (September 6 low) will confirm further downside towards the next target at 184.51 (August 8 swing low) followed by 182.82 (August 6 swing low). The ultimate downside target is the August 5 low at 180.06.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
WTI climbs above $95.50 as Iran says the Strait of Hormuz must remain closed West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.
Breaking: Gold falls below $5,000 as oil-driven inflation fears weighGold price (XAU/USD) tumbles to around $4,980 during the early Asian session on Monday. The precious metal faces some selling pressure despite intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran.
Gold price (XAU/USD) tumbles to around $4,980 during the early Asian session on Monday. The precious metal faces some selling pressure despite intense geopolitical conflict in the Middle East. Traders will closely monitor the developments surrounding the United States (US)-Israel war with Iran.
Bitcoin (BTC) extends gains, trading above $73,000 at the time of writing on Monday, following a bullish breakout from the consolidation pattern it had been trading since roughly the past six weeks.
Gold (XAU/USD) edges higher during the Asian session on Tuesday, though it lacks follow-through and remains close to an over three-week low, touched the previous day.
Related Instrument
