The GBPJPY has held within a broad range between 184.00 and 197.50 throughout September, and may offer profitable opportunities for forex traders.
Currency Pair: GBP/JPY
Chart: 60 Min Charts
Short-Term Bias: Short
Analysis
The GBPJPY has held within a broad range between 184.00 and 197.50 throughout September, and may offer profitable opportunities for forex traders. The pair touched an intraday high of 197.42 on 9/24, and has come under considerable selling pressures to hold near the lower-end of the range.
After finding near-term support around 187.17 (21.4% Fib level of 184.46-197.42), and the pound-yen has rebounded over the past few hours. I anticipate the pair to test the 9/18 high of 192.05 for resistance over the next few days, but expect the underlying downtrend to lead the pair lower over the week. Be sure to check out Jamie’s Technical Outlook for the additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
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