GBP/JPY Forecast December 13, 2016, Technical Analysis

The GBP/JPY pair rallied a bit during the day on Monday as we continue to see bullish pressure. There is a lot in the way of noise just below, so I think there is plenty of support. I believe pullbacks continue to offer buying opportunities, as the Japanese yen is being sold off against almost everything in the world. While I’m not necessarily excited about the British pound, I recognize that this pair is simply doing the same thing that other yen related pairs are doing so therefore it makes quite a bit of sense that we continue to rise.

GBP/JPY forecast for the week of December 12, 2016, Technical Analysis

The GBP/JPY pair had a slightly positive week, as we approached the 145 level. I believe that this market will actually break out to the upside we may need to pull back a little house the move has been so parabolic. Because of this, I’m going to wait see what happens with the other Japanese yen related pairs, and assess where to go from there. I think that the 140 level should be supported, so would be a nice little area to look for value inside the support that we can take advantage of.

EUR/USD forecast for the week of December 12, 2016, Technical Analysis

The EUR/USD pair initially rally during the week, but you can see that we fell rather precipitously. This was mainly due to the ECB suggesting that quantitative easing wasn’t going to end in March 2017, but rather at the end of the year. With this, it was of course negative for the Euro and we ended up falling from there. We are testing the 1.05 level, and it looks as if the central bank once the currency to drop below there. Once it does, will start reaching towards the parity handle.

Related Articles

Exclusive EUR/USD Analysis

EUR/USD Technical Analysis Forecast

EUR/USD Fundamental Forecast

Gold Weekly Forecast

Natural Gas Daily Report

GBP/JPY Forecast December 12, 2016, Technical Analysis

The GBP/JPY pair rally during the course of the day on Friday, as we continue to reach towards the 145 handle. If we can break above there, the market should continue to go higher. I believe that pullbacks have a good chance of finding support at the 140 handle below. I think given enough time, pullbacks will represent value the people would  liked to see in order to go higher. I think that the market would then reach towards the 150 handle above, and that of course is my target. I have no interest whatsoever in selling.

GBP/JPY Forecast December 9, 2016, Technical Analysis

The GBP/JPY pair had a very calm session on Thursday, and thus it looks like we are going to probably roll over a little bit at this point. I think the 140 level is the massive support though, so having said that I feel the market should go lower to look for some type of supportive candle underneath and value of course. With this, the market should continue to reach towards higher levels, perhaps the 150 handle after that. I have no interest in selling this market, because there is more than enough toxicity when it comes to the Japanese yen now.

GBP/JPY Forecast December 8, 2016, got technical Analysis

The British pound fell against the Japanese yen on Wednesday, as it looks like we are trying to roll over a little bit. If we do roll over from here, I would love to see the 140 level tested and proved itself to be supportive. I have no interest whatsoever in selling this market, because we have obviously broken out so when we pullback I think that we could find a bit of value at lower levels as we should continue to find plenty of bullish pressure over the longer term due to the soft been Japanese yen overall.

GBP/JPY Forecast December 7, 2016, Technical Analysis

The British pound initially rose against the Japanese yen again during the Tuesday session, but turned around to form a shooting star. He come of this, I believe that the 145 level is going to continue to be resistive, at least for the time being. If we can pull back from here I think we will find quite a bit of support underneath, especially near the 140 handle. This is a market that needs a bit of a pullback to find value so that we can continue to go higher. Now that we have broken above the downtrend line, I feel that it’s easy to go long, and dangerous to go short.

GBP/JPY Forecast December 6, 2016, Technical Analysis

The GBP/JPY pair rallied on Monday, as we continue to see quite a bit of bullish pressure. We are testing the 145 handle, and quite frankly I think that every time we pullback, there should be plenty of buyers going forward. I think the 140 level is essentially a “floor” in this market, and as a result I feel that every time we pullback you have to start thinking about buying again as the Japanese yen is on its back foot, and quite frankly will continue to be for the foreseeable future.

GBP/JPY forecast for the week of December 5, 2016, Technical Analysis

The GBP/JPY pair initially fell during the week but found enough support underneath the 140 level to turn things around and form a very bullish candle. This pair is broken out at this point, and pullbacks should continue to be buying opportunities as the 140 level should offer quite a bit of support. I have no interest in shorting this market, and believe that we are going to start going higher, perhaps reaching towards the 152 level next. Volatility will be high, but longer-term traders should be rewarded for diligence.

GBP/JPY Forecast December 5, 2016, Technical Analysis

The GBP/JPY pair rose slightly during the day on Friday, as we continue to see quite a bit of pressure in this market. I believe that the market will continue to show bullish pressure on the longer-term, but quite frankly this is a market that has far too much in the way of an overbought situation to start buying now. The shooting star from the Thursday session is the right idea as far as I can see, so I would like to see this market pullback towards the 140 level where I would continue to go long from there.

GBP/JPY Forecast December 2, 2016, Technical Analysis

The GBP/JPY pair went back and forth during the day on Thursday, as we continue to find bullish pressure but are most certainly getting a bit overextended. Because of this, I feel that the market needs a pullback in order to find buying opportunities below that represent value. The 140 level underneath continues to be an area of interest as far as I can see, so having said that I think that the buyers will return at what was once a massive resistance barrier. Given enough time, I think were going to try to reach above the 145 level yet know.

GBP/JPY Forecast December 1, 2016, Technical Analysis

The GBP/JPY pair rose during the day and broke to a fresh, new high on Wednesday. The 140 level below continues to offer support in my estimation going forward, and I think that we continue to go much higher. However, we could get pullbacks from time to time and that should be thought of as value in what is obviously a pretty significant breakout. Because of this, I believe that the market will continue to be one that longer-term traders are attracted to but we are a bit overextended at this moment.

Technical Checks: GBP/USD, GBP/JPY, GBP/AUD And GBP/NZD

GBP/USD

Even as month-old ascending trend-line favors the GBPUSD upside, the pair recently found it difficult to surpass 1.2525-35 horizontal resistance, comprising 23.6% Fibonacci Retracement of its late-October – November upside. At present, the quote signals aforementioned TL retest, at 1.2395, breaking which 1.2350 and the 61.8% Fibo level of 1.2305 may provide consecutive rests to prices. In case if bears govern trades below 1.2305, the 1.2240 and the 1.2210 are likely downside figures to appear on the chart. On the upside, a clear break of 1.2535 could trigger the pair’s fresh advances towards 1.2600 and then to the 1.2675-80 crucial resistance-region. If prices manage to surpass 1.2680, chances of witnessing rally towards 100-day SMA level of 1.2815 become too clear to expect.

GBP/JPY

gbpjpy

GBPJPY’s recent failure to clear immediate trend-line resistance seems dragging the pair towards 23.6% Fibonacci Retracement level of 139.90 prior to flashing 139.55 and 139.20 supports, including short-term ascending trend-line. Should the pair drops below 139.20, 38.2% Fibo level of 138.80 and the 138.35 could offer intermediate halts during its south-run to 138.00 and the 137.50 support-levels. However, pair’s capacity to surpass 141.20 TL resistance can quickly propel it to 141.75 and then to the 61.8% FE level of 142.65. Given the pair’s successful trading above 142.65, it becomes capable enough to aim for 143.50 and the 145.00 resistances.

GBP/AUD

gbpaud

Following its failure to surpass 100-day SMA, the GBPAUD seem more inclines to re-test 1.6380 – 1.6400 horizontal-support; however, 1.6520 may offer immediate halt. If prices drop below 1.6380, the 1.6100 and the 1.5890 can entertain short-term sellers before flashing 1.5675 on the chart. Alternatively, 23.6% Fibonacci Retracement of its May – October downside, at 1.6820, followed by 100-day SMA level of 1.6900, can keep limiting the pair’s near-term upside. Should there be additional strength by the pair after breaking 1.6900, the 1.7090, 1.7180 and the descending trend-line resistance of 1.7310 become crucial upside figures to watch.

GBP/NZD

gbpnzd

Alike GBPAUD, the GBPNZD also reversed from 100-day SMA and is now testing 50-day SMA level around 1.7390-95. However, comparative strength of the NZD signals more of the pair’s downside towards 1.7320 and the 1.7240 on the break of 1.7390. If the pair weakens further below 1.7240, the resistance-turned-support line of 1.7185, the 1.7000 and the 1.6915 can please pair Bears. Meanwhile, 1.7600 acts as an immediate resistance for the pair to tackle during its reversal, breaking which 1.7670, 1.7740 and the 100-day SMA level of 1.7800 become important north-side figures to observe. Should the pair successfully trades above 1.7800, it becomes capable enough to challenge 1.7980 and the 1.8000 psychological magnet.

Cheers and Safe Trading,

Anil Panchal

GBP/JPY Forecast November 30, 2016, Technical Analysis

The British pound rallied against the Japanese yen again on the Tuesday session, and has reached above the 140 handle again. This is a market that looks likely to continue to try to go higher, but it could be a bit volatile in the meantime. I am bullish but I recognize that going to have to be able to hang onto a choppy move to reap the benefits of the bullish pressure. I have no interest in selling, and I believe that every time it happens it will simply be the market offering value.

GBP/JPY Forecast November 29, 2016, Technical Analysis

The GBP/JPY pair broke lower at the open on Monday, and reached below the 140 handle. This is a market that’s a little overbought at this point and as you can see I have a previous downtrend line on this market. So, having said this it looks as if we must pull back to test that line again. The Japanese yen itself is oversold drastically and needs a little bit of a reprieve so that the market can continue to go higher against it. Ultimately, I have notched in selling and believe that sooner or later we could start buying.

GBP/JPY forecast for the week of November 28, 2016, Technical Analysis

The British pound rose again during the course of the past week, as the Japanese yen get sold off against almost everything. This is a market that needs to pull back, but if we do get that move, I think there will be buyers below to pick up “value”, as all the yen related pairs are going higher over the longer-term. Given enough time, I think we will reach towards the 160 handle, but that’s obviously a longer-term target. Pullbacks are what we need to see though, because we have gotten overbought in the meantime.

GBP/JPY Forecast November 28, 2016, Technical Analysis

The GBP/JPY pair went back and forth on Friday, and ended up forming a neutral candle. We find are symbols hovering around the 140 handle, so I think that given enough time we will see buyers enter this market on pullbacks. The Japanese yen continues to be one of the week is currencies around the world, but quite frankly has been oversold. A pullback from here should be a buying opportunity, and with that being the case it’s likely that we will see buyers picking up “value” in this market going forward.

GBP/JPY Forecast November 25, 2016, Technical Analysis

The GBP/JPY pair broke higher at the open on Thursday and then continued to go well above the 141 handle. This is a very bullish market, and given enough time we should continue to break out to the upside. Ultimately, this is a market that I think will continue to offer buying opportunities again and again, and should now find quite a bit of support at the 140 handle. The Japanese yen is oversold at this point against most currencies around the world, so a pullback is very likely. I will use that the inner this market to the upside though.

GBP/JPY Forecast November 24, 2016, Technical Analysis

British pound initially fell against the Japanese yen on Wednesday but managed to break above the 140 handle late in the day. Because of this, looks like we are trying to break out and as a result I have no interest in shorting this market. Given enough time, I feel that the market probably will break out to much higher levels. In fact, if we can finally break above the 144 handle, this market could really take off, perhaps reaching towards the 158 level over the longer term. Because of this, I believe that longer-term trades are going to do quite well to the upside.

Important GBP Pairs: Technical Outlook

GBP/USD

Ever since the GBPUSD reversed from 50-day SMA and 38.2% Fibonacci Retracement of its June – October downturn, the pair continued trading down and is presently around support-line of a short-term ascending trend-channel, at 1.2330 now, with USD strength signaling brighter chances of its declines. Given the scheduled US details print positive figures, the pair may break the bullish formation and can quickly dip to 1.2250; however, its further south-run needs to clear 1.2160 and the 1.2080 before challenging the 1.2000 psychological magnet. In case of downbeat US readings fueling the pair towards north, 50-day SMA level of 1.2530, the 1.2600 and the 38.2% Fibo level of 1.2665 could offer nearby resistances to the quote. During its additional upside beyond 1.2665, mentioned channel’s upper-line, at 1.2750, and the 1.2845-60 confluence, comprising 100-day SMA & horizontal-area, become important north-side figures for pair traders to watch. If the prices manage to surpass 1.2860 on a daily closing basis, chances of the pair’s fresh rally towards 1.3000 becomes more likely.

EUR/GBP

eurgbp

Even if the five-month old ascending trend-line triggered EURGBP bounce during early week, 100-day SMA level of 0.8635, followed by 0.8700 round figure, could continue limiting the pair’s short-term advances. Should the pair breaks 0.8700, the 0.8770 and the 0.8855, comprising 23.6% Fibonacci Retracement of its May – October up-move, can come into play, which if broken enables the Bulls to expect 0.8900 and the 0.8950 resistance levels. On the downside, pair’s dip below mentioned TL support of 0.8490 can increase the downside momentum by fetching the pair to 50% Fibo level of 0.8410. Should the pair fails to respect 0.8410, the 0.8320 and the 200-day SMA level of 0.8255 becomes crucial to watch.

GBP/JPY

gbpjp

Following GBPJPY’s failure to surpass 138.80-90 horizontal-line, comprising September high, the pair seems coming down to test an immediate support-line of 136.50, breaking which its fresh south-run to 134.85 and then to the 133.40 can be expected. Given the prices keep declining below 133.40, the 132.50 and the 131.70 are likely downside figures to observe. Alternatively, 138.00 is likely immediate resistance for the pair before it could confront with 138.80-90 area. Should the quote manage to surpass 138.90, also clear 139.00 round figure, the 140.00 and the 141.20 could please buyers.

GBP/NZD

gbpnzd

Unlike other GBP pairs which aren’t that close to supports, the GBPNZD is presently testing the short-term ascending triangle support of 1.7510 and a break of which can trigger its immediate downturn to 1.7455 and the 1.7380 support levels. In case of the pair’s additional declines below 1.7380, 38.2% Fibonacci Retracement of its September – November drop, at 1.7300, and the 1.7235 could entertain the Bears. Meanwhile, 1.7600, 1.7620 and the 61.8% Fibo level of 1.7665 may offer nearby intermediate halts during the pair’s reversal before it could aim for pattern resistance of 1.7730-40 area. Given the quote manage to surpass 1.7740, its extended advances to 1.7810 and the 1.7850 can’t be denied.

Cheers and Safe Trading,

Anil Panchal