GBP/JPY Technical Outlook
In our recent report about the GBP/NZD we recommended selling the pair around 1.7482 and taking profit around 1.7444, then buying the pair at the target at 1.7566. We saw that we reached our targets in both buy and sell positions to make a profit with +38 from the sell order and +122 from the buy one.
Today we’ll discuss another sterling pair and another great opportunity to make a profit - the GBP/JPY.
We’re following the negative economic data from the UK about the manufacturing PMI but the pair didn’t decline after this news. On the contrary, the pair went up to reach 145 levels.
We can see the pair is trading around SMA 200 on the daily time frame around 144 above 50% fibo in the correction wave and we think its target will be around 61.8%.
If we look at the RSI 4 Indicator we’ll see it still maintains high levels around 82, so we expect that the pair will rise a little bit and decline again, and the MACD indicator supports our positive vision about the pair.
Today we’re focusing on the construction PMI data from the UK which came in positive figures.
The Next Few Days
For the time being, we can buy the pair around the current prices 143.90 and take profit around 146, then think about selling.
In our recent report about the GBP/NZD we recommended selling the pair around 1.7482 and taking profit around 1.7444, then buying the pair at the target at 1.7566. We saw that we reached our targets in both buy and sell positions to make a profit with +38 from the sell order and +122 from the buy one.
Today we’ll discuss another sterling pair and another great opportunity to make a profit - the GBP/JPY.
We’re following the negative economic data from the UK about the manufacturing PMI but the pair didn’t decline after this news. On the contrary, the pair went up to reach 145 levels.
We can see the pair is trading around SMA 200 on the daily time frame around 144 above 50% fibo in the correction wave and we think its target will be around 61.8%.
If we look at the RSI 4 Indicator we’ll see it still maintains high levels around 82, so we expect that the pair will rise a little bit and decline again, and the MACD indicator supports our positive vision about the pair.
Today we’re focusing on the construction PMI data from the UK which came in positive figures.
The Next Few Days
For the time being, we can buy the pair around the current prices 143.90 and take profit around 146, then think about selling.
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