GBPJPY Spikes to Over One-Month Tops


GBPJPY Spiked to over one-month tops by the optimistic Brexit comments EU Chief Brexit Negotiator. Currently, where are the technical indicators moving?

11 September, OctaFX – The cross built on previous session’s strong up-move, led by the EU Chief Brexit Negotiator Michel Barnier’s optimistic Brexit comments, and spiked to over one-month tops in the last hour.

GBPJPY Spikes to Over One-Month Tops

A sustained move beyond the key 145.00 psychological mark was seen as a key trigger for the bulls, especially after an overnight bullish break through a short-term descending trend-line resistance.

 A follow-through up-move beyond 61.8% Fibonacci retracement level of the 149.31-139.90 downfall further reinforces a near-term bullish breakout and increase prospects for additional gains. 

However, technical indicators on hourly charts have started moving into overbought territory and might turn out to be the only factor keeping a lid on any further up-move ahead of the UK monthly jobs data.

GBPJPY 4-hourly chart

Spot Rate: 145.74

Daily Low: 144.66

Trend: Bullish

Resistance

R1: 146.10 (100-day SMA)

R2: 146.40 (horizontal zone)

R3: 147.15 (Aug. 1 swing high)

Support

S1: 145.55 (horizontal zone)

S2: 145.00 (psychological round figure mark)

S3: 144.66 (current day swing low)

Disclaimer

This article about GBPJPY Spikes to Over One-Month Tops was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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