FXTM
Short

GBPJPY - The Bears are in control eyeing more decline

OANDA:GBPJPY   British Pound / Japanese Yen
The GBPJPY currency pair on the 4 Hours Chart has been in a downtrend since 20 September 2019 when it registered the high price of 135.760. Subsequently, the price displayed a series of lower tops and lower bottoms. On 25 September 2019, the GBPJPY currency pair recorded the low price of 132.844. When applying Oscillator Analysis to the price chart, one can see that price is trading below the SMA 60 period Moving Average line, a fact which confirms the GBPJPY currency pair's downward direction. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI ( Relative Strength Index ) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement with regards to the downward bias of the financial instrument. Three price targets may be calculated upon applying the Fibonacci tool to the price chart. The first price target is estimated at 132.569 (161.8%). The second price target is seen at 131.299 (261.8%). The third price target is projected at 129.244 (423.6%). The first target was reached successfully. The GBPJPY currency pair is currently trading below the downtrend line. ts current price is 0.84% below the last week's close after a sharp decline in price during a period of heavy selling. The presence of the Bearish Engulfing pattern hints at a potential rally to the downside. Of course, supply and demand as well as the crowd sentiment will determine the course of GBPJPY currency pair

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out