Escenario bajista: Ventas por debajo de 39600... Escenario alcista anticipado: Compras intradía sobre 39750... Escenario alcista tras retroceso: Compras intradía sobre 39150
GBP/JPY: upward headwinds
2020-09-09 • Actualizada
As we do not look at GBP crosses that often, it makes it even more interesting to see the disposition that is created in GBPJPY since recently.
On the weekly chart below, we may distinguish three elements that shape the situation.
From the downside, we have the range of 125.00 – 127.00 giving clear support to the movement of the pair since late 2016 (marked “1”). During recent years, it was touched once in the summer of 2019 and spring 2020 – both cases saw GBPJPY bounce upwards.
From the upside, we have a long-term downtrend descending to the ranges of 142.50 since February 2018 (marked “2”). In the meantime, April gave rise to a new uptrend (marked “3”) that is opposing the bearish pressure and meets it exactly at the heights of 142.50. It’s not a coincidence that these tectonics collide at 200-MA at the same resistance level.
Although the price went down to 139.50 recently, that may well be just a mid-term retrace – the true battle is at 142.50/200-MA. Either we will see the GBP win over JPY crushing the long-term trend and climbing above 142.50, or it will go sideways below the resistance/bounce downwards. Both scenarios will only be confirmed in the course of several weeks from now as we are observing strategic moves. At this moment, keep in mind that bulls are in the red zone of tilting the strategic disposition – they will have to fight through a lot of fundamental headwinds from Brexit to make it higher.
Similar
Escenario bajista: Ventas por debajo de 18100 con TP1:17900, TP2:17814 y 17630 // Escenario alcista anticipado: Compras intradía sobre 18130 con TP: 18219, TP2: 18270 y TP3: 18428
Escenario Alcista: Compras sobre 17910 con TP:18098.07, TP2:18277 y TP3: 18415 Escenario Bajista: Ventas por debajo de 17850 con TP1:17730, TP2: 17700
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