15.05.202305:21 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of GBP/JPY Cross Currency Pairs, Monday May 15, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On the 4-hour intraday chart of the GBP/JPY cross currency pairs, a Failing Wedge pattern can be seen and the support level at 168.04 is strong enough to prevent the GBP/JPY downward correction, especially with the confirmation by the MACD indicator which is in a speculative BUY position, so there is a high probability for GBP/JPY In the near future, JPY will appreciate, rally up to the level of 171.14 as the first target and the level of 172.30 as the second target as long as it is on its way to these targets, there will be no significant downward correction, especially if it breaks below the 166.46 level because if this level is broken down, all Bull scenarios that have been previously described will become invalid and cancel by themselves.

(Disclaimer)

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.