OVERVIEW;
Certainly, the GBP/JPY currency pair has been trading around 184.50, having retreated from a high of 184.78. Traders are focusing on the upcoming UK employment data for potential market movement. The pair has been following an ascending trend channel since August 4, supported by upward slopes of the 50- and 100-hour Exponential Moving Averages (EMAs). The immediate resistance stands at 184.78, while significant support can be found at 184.35. A Relative Strength Index (RSI) above 50 indicates a bullish sentiment.

GBP/JPY pair retreats from its 184.78 YTD high, awaiting UK employment data, potentially triggering volatility.

Since August 4, GBP/JPY has been trading in an ascending trend above EMAs, suggesting potential upside for the cross.

Since August 4, GBP/JPY has been trading in an ascending trend above EMAs, suggesting potential upside for the cross.

Watch for a decline to 183.65 and 183.00 on the downside, with 184.35 serving as the initial level of conflict and crucial support zones at 184.00–184.10.

A relative strength index greater than 50 indicates prospective growth.

SUMMARY;
The GBP/JPY pair is currently around 184.50, down from a recent high of 184.78. Traders are awaiting UK employment data, which could cause volatility in the pair. The GBP/JPY is trading within an upward trend channel since August 4, supported by the 50- and 100-hour EMAs. The immediate resistance is at 184.78, while key support lies at 184.35. The RSI suggests further potential upside.

KEY INSIGHT
Since August 4, the GBP/JPY pair has been trading within an upward trend channel and held above the 184.50 level on Tuesday.

The initial contention level to monitor is at 184.35, while the immediate resistance level is visible at 184.78.

Above 50, the Relative Strength Index (RSI) is in bullish zone.

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