Forex Technical Analysis:GBPJPY Corrective Rally May Extend Towards 138.90

Bottom line:  GBPJPY remains structurally bearish until prices stay below 148.00. The pair is retracing its recent drop between 148.00 and 124.00 levels and might have completed its first leg at 133.82 respectively.

Technical Analysis:

GBPJPY remains in control of bears in the medium term, as prices still  hold below the 148.00 resistance. Please note that the previous rally touched 148.00 mark on December 13, 2019, and since then GBPJPY has been forming lower lows and lower highs.

Also note that the drop between 148.00 and 124.00 has been an impulse (5 waves). A corrective rally was expected as it was discussed last week. At this point in writing, prices have managed to rise through 133.82 levels (yesterday), and found interim resistance. The recent rally could be the first wave of the expected corrective rally, as it has tested fibonacci 0.382 retracement of the earlier drop.

Intraday drop could be seen towards 129.00/130.00 levels at least, as GBPJPY carves the second wave of corrective phase. Most traders might be willing to initiate aggressive long positions around 130.00 mark, with a protective stop below 124.00 and projected targets above 138.00 respectively.

Please note that fibonacci 0.618 retracement of the drop between 148.00 and 124.00 is seen around 138.80 levels. The counter trend rally discussed above is expected to terminate around the convergence zone 138.00/80 levels.

A bearish reversal might remain high probability around 138.00/139.00 levels when most traders might be willing to initiate short positions. A protective stop might be above 148.00 mark with projected targets below 124.00 respectively.

Overall, GBPJPY is expected to produce a counter trend rally towards 138.00/139.00 levels and then might turn bearish again. Trading opportunities are seen on both sides and traders might position according to their respective risk aptitudes.

Prepared by

Harsh Japee, Technical Analyst.

 

GBPJPY Chart

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

風險提示

MyFxtops邁投所列信息僅供參考,不構成投資建議,也不代表任何形式的推薦或者誘導行為。MyFxtops邁投非外匯經紀商,不接觸妳的任何資金。 MYFXTOPS不保證客戶盈利,不承擔任何責任。從事外彙和差價合約等金融產品的槓桿交易具有高風險,損失有可能超過本金,請量力而行,入市前需充分了解潛在的風險。過去的交易成績並不代表以後的交易成績。依據各地區法律法規,MyFxtops邁投不向中國大陸、美國、加拿大、朝鮮居民提供服務。

邁投公眾號

聯繫我們

客服QQ:981617007
Email: service@myfxtop.com

MyFxtops 邁投