GBP/JPY Currency Pair Forecast
Stronger technical forecast for GBP/JPY currency pair price after Friday trading.
(Updated on May 17, 2024)
The GBP/JPY currency pair price gained 0.513% on the last trading day (Friday, 17th May 2024), rising from JP¥196.70 to JP¥197.71. During the last trading day the currency pair fluctuated 0.564% from a day low at JP¥196.76 to a day high of JP¥197.87. The price has risen in 9 of the last 10 days and is up by 3.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 174 thousand more shares were traded than the day before. In total, 174 thousand shares were bought and sold for approximately JP¥34.32 million.
The currency pair lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at JP¥198.87 will firstly indicate a stronger rate of rising. Given the current short-term trend, the currency pair is expected to rise 3.33% during the next 3 months and, with a 90% probability hold a price between JP¥199.28 and JP¥205.49 at the end of this 3-month period.
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GBPJPY Signals & Forecast
The GBP/JPY currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at JP¥196.20 and JP¥193.57. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 3.01%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The currency pair had a Golden Star Signal on Tuesday, October 10, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Tuesday, October 10, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for GBP/JPY currency pair
GBP/JPY finds support from accumulated volume at JP¥191.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved JP¥1.11 between high and low, or 0.564%. For the last week the currency pair has had daily average volatility of 0.138%.
Our recommended stop-loss: JP¥187.28 (-5.28%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (GBPJPY) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect GBP/JPY to open at JP¥197.45, and during the day (based on 14 day Average True Range), to move between JP¥196.58 and JP¥198.84, which gives a possible trading interval of +/-JP¥1.13 (+/-0.57%) up or down from last closing price. If GBP/JPY takes out the full calculated possible swing range there will be an estimated 1.14% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ JP¥191.20, some JP¥6.51 (3.29%) from the current price of JP¥197.71, our system finds the risk reward attractive.
Is GBP/JPY currency pair A Buy?
GBP/JPY holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.249 Strong Buy Candidate Upgraded
Predicted Opening Price for GBP/JPY of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| JP¥197.45 ( 0.133%) | JP¥197.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GBPJPY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 198.56 | 0.429 % | |
| R2 | 198.13 | 0.214 % | ||
| R1 | 197.87 | 0.0816 % | ||
| Current price: | 197.71 | |||
| Support | S1 | 197.02 | -0.347 % | |
| S2 | 196.76 | -0.480 % | ||
| S3 | 196.34 | -0.694 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 197.71 | |||
| Support | S1 | 191.20 | -3.29% | |
| S2 | 189.25 | -4.28% | ||
| S3 | 189.01 | -4.40% |
FAQ
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