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27 Dec 2021

GBP/JPY Price Analysis: Eyes another battle with 50% Fibo.

  • GBP/JPY retreats from intraday top but stays firmer around monthly high.
  • Bulls remain hopeful to challenge mid-November tops until the quote stays above 152.55 support confluence.

GBP/JPY eases from daily highs to 153.35, staying firmer intraday, during early Monday morning in Europe.

The cross-currency pair snapped a three-day uptrend the previous day but stayed above 200-DMA and 38.2% Fibonacci retracement level of October-December declines.

The failures to break the 152.55 support level join bullish MACD signals to trigger another attempt towards breaking the 50% Fibo. level near 153.70.

Following that, the November 17 swing high close to 154.75, also including the 61.8% Fibonacci retracement level, will challenge the GBP/JPY buyers.

Alternatively, a clear downside break of 152.55 will aim for 151.70 and 23.6% Fibo. level of 151.17 before testing the previous resistance line from October, surrounding 150.40.

In a case where GBP/JPY sellers keep reins past 150.40, the 150.00 threshold and the yearly bottom of 148.45 will be on their radars.

GBP/JPY: Daily chart

Trend: Further upside expected

 

Dec 27, 2021

Gold Price Forecast: XAU/EUR pokes €1,600 during four-day uptrend

Gold (XAU/EUR) rises 0.18% intraday around €1,600 round figure heading into Monday’s European session. In doing so, the yellow metal prices rise for t
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Dec 27, 2021

Forex Today: Major pairs stay calm to start the last week of 2021

Here is what you need to know on Monday, December 27: Major currency pairs continue to fluctuate in extremely tight ranges to start the last week of t
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