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
U.S. PCE and 'Mini Jobs' Data in Focus as Salesforce (CRM) and Snowflake (SNOW) Report Earnings 【The week ahead】 TradingKey - US stocks rebounded last week, ending a three-week slide, on rising expectations for a Federal Reserve rate cut in December. The market is now poised for further gains. This week, the Fe
TradingKey - US stocks rebounded last week, ending a three-week slide, on rising expectations for a Federal Reserve rate cut in December. The market is now poised for further gains. This week, the Fe
Crypto Market Outlook: Bitcoin, Ethereum, and XRP Tumble as BoJ Hawkishness Sparks Risk-Off RoutBitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
Bitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
Silver (XAG/USD) climbs to a fresh all-time high on Friday, buoyed by dovish Federal Reserve expectations alongside strong industrial and investment demand.
Silver remains steady near $54.00 after rejection at $54.40 area.
Gold (XAU/USD) attracts fresh buyers during the Asian session on Friday and climbs to a two-week high, with bulls now eyeing to reclaim the $4,200 mark amid dovish US Federal Reserve (Fed) expectations.
