The post GBP/JPY Price Forecast: Major resistance level attained appeared on BitcoinEthereumNews.com.

GBP/JPY has rallied to a key resistance level – the September 2 high.  It could face increased resistance and would need to decisively break higher to extend the trend. GBP/JPY rises for the seventh consecutive day on Tuesday. It is now close to the key September 2 high at 193.49. This is also close to the 50% Fibonacci retracement level of the July decline at 194.03. These levels are likely to present significant resistance to the pair, which may pullback as a result. GBP/JPY Daily Chart  That said, GBP/JPY is in an established short-term uptrend since it pivoted at the September 11 low. Since it is a principle of technical analysis that “the trend is your friend” this uptrend is more likely than not to extend.  There is, therefore, a chance the pair could simply continue higher. If it can decisively break above the resistance line at 193.49 it will confirm an extension of the short-term trend higher.  A decisive break would be one accompanied by a longer-than-average green candle that closed near its high, or three green candles in a row that broke above the level.  The medium-term trend is sideways, signifying no bias in either direction. The long-term trend is up.   Source: https://www.fxstreet.com/news/gbp-jpy-price-forecast-major-resistance-level-attained-202409241350

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Filed under: News - @ September 24, 2024 3:25 pm