Short on GBPJPY - Signals for U-turn

24 Nis

Long-term target based on the latest BoJ interest rate hike and signs of a positive outlook for Japan's economy. Technically the pair is scraping around .618 FIBO level which is 195ish - there's still some room to hit the level.

1st target = 170 (0.382 FIB)
2nd target = 160 (156-157 - resistance/support of the past price action).

26 Nis

Not

A closer look on Weekly. GJ took it higher latest high (Jun '15) as .618 FIB sits around strong figure of 200.

2 May

Not

198-200 proved to be a point sellers were looking forward to.

Looking at a Daily timeframe, 200EMA was hit once and I expect it to be a next support on the cable-yen's way lower.

25 Tem

Not

Although somewhat above 200, we are still around major resistance level.

1 Eyl

Not

4H shows GBPJPY might want to complete the recent bounce towards 200 level again.

Once it's there, 200 might be a good point to sell the pair.

11 Eki

Not

There are dovish talks over BOJ interest rate which push the Yen downwards.

11 Eki

Not

reuters.com/markets/asia/bojs-ueda-says-unstable-markets-global-uncertainty-cause-vigilance-2024-10-02/