GBP/JPY continues to trade in a volatile range
Here is my analysis of the GBP/JPY for the upcoming week:
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Applying the Quarters Theory, we have the major 189 and 191 levels, along with the half-figure of 190.50 and quarter points of 189.75, 190.25 and 190.75 to watch. Last week, 190.25 provided initial support on the pullback before lower demand emerged at 189.75. Meanwhile, the test of 191 was rejected and this area is likely to remain stubborn resistance.
Heading into this week, pay attention to whether the bulls can catalyze a convincing break above 190.75 and push towards 191 again. If selling pressure persists around 190.75, we could see another leg down to retest 189.75. Traders will be watching the quarter points for signals if directional conviction strengthens. A daily close above 190.75 would indicate upside momentum is accelerating for a potential run towards 191. (edited)
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Applying the Quarters Theory, we have the major 189 and 191 levels, along with the half-figure of 190.50 and quarter points of 189.75, 190.25 and 190.75 to watch. Last week, 190.25 provided initial support on the pullback before lower demand emerged at 189.75. Meanwhile, the test of 191 was rejected and this area is likely to remain stubborn resistance.
Heading into this week, pay attention to whether the bulls can catalyze a convincing break above 190.75 and push towards 191 again. If selling pressure persists around 190.75, we could see another leg down to retest 189.75. Traders will be watching the quarter points for signals if directional conviction strengthens. A daily close above 190.75 would indicate upside momentum is accelerating for a potential run towards 191. (edited)