Technical analytics

GBPJPY market technical outlook


 Daily chart:

Downswing reached another mid-term support-zone 134.94-135.36, where we have initial signs of probable switching to correction. In particular, yesterday;s session was closed with a good reversal bar that might be a sign of bears’ tiredness.

Potential of upward correction is quite big and the closest targets are 136.60 and 138.22.


Local structure got an elevation of support and it’s one of the signs of a reversal. Bulls now need to break the closest local high at 136.40-136.55 in order to pierce consolidation and completely validate the upswing.


Growth to 136.60 and 137.00. Longer term target will be at 138.22.

Trading recommendations:

Longs to 136.60, 137.00, 138.20.


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