GBP/JPY 4H Chart: Bounces off support - Trade Pattern Ideas - Dukascopy Bank
Thu, 04 Jul 2019 05:58:16 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Buy
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
The Pound Sterling has depreciated about 230 base points against the Japanese Yen on June 27. The currency pair was pressured south by the 200-hour simple moving average.
The exchange rate bounced off a support level formed by the weekly S2 at 135.22 on July 3. Most likely, the GBP/JPY currency pair could aim for a resistance level formed by the 50– and 100-hour SMAs at 136.69 before the end of this week's trading sessions.
If the resistance line holds, the currency exchange rate will continue its downward movement during next week's sessions.
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