GBP/JPY Technical Analysis After the Trend Breakout

The GBP/JPY is still under the bears' pressure.

Technical Analysis
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GBP/JPY Technical Analysis After the Trend Breakout

In our last report about the GBP/JPY pair we predicted the downside movement earlier and we sold the pair at 145.95. The prices hit our two targets with more than +290 pips because the pair is trading stably below the key resistance level 148.00.

Today we will take another look to recognize the profitable opportunities for this week. We have had an upside trend line since October 11 - the pair broke it this month and retested it around 142.20, then the pound declined further against the Japanese Yen to trade now at 140.90 after it fell to 139.27. It’s making a small correction movement now and we expect the pair will decline again this week to achieve the sell targets. We have two important levels we have to pay attention to in the next few days at 138.65 and 143.40.

The Next Few Days

Based on this daily chart analysis, we can take sell positions around the current levels at 140.95 and place our first T/P level at 138.70 at the support level, with a second one at 135.90 - that is in case the pair breaks the support level down and closes a candle below it and is still trading under the moving average 50.

This week the markets don’t offer much hot news from the UK or Japan, except for the Manufacturing PMI from the UK on Friday but we have to follow the American reports about the Employment change because this data may affect the whole market.

SuperForex
The Jackson Hole Symposium

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The Jackson Hole Symposium

Leaders and representatives of the world's most powerful central banks have gathered to discuss monetary policy in Jackson Hole, WY.

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EUR/USD Daily Analysis & Chart

Technical Analysis

EUR/USD Daily Analysis & Chart

Amid new economic data the pair continues its bullish movements and we might see new heights.

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NZD/JPY: Short Review and Forecast

Technical Analysis

NZD/JPY: Short Review and Forecast

The downward trend was formed a month ago and continues amid positive economic news from Japan. The NZD is under the pressure of decreased prices for food and raw materials.

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