GBP/JPY Forecast | Daily Technical Analysis for January 3, 2017
GBP/JPY Technical Overview
Yesterday Close 144.28
Today Open 144.28
Day’s Range 144.00 – 144.47
52 wk Range 122.72 – 176.22
1-Year Return – 18.73%
GBP/JPY Support and Resistance Forecast
Possible trading range 144.00 – 144.47.
GBP/JPY forecast : the pair possibly will find the immediate support at 144.05. If, market breaks the first support then it will go for the following support to test. Following supports are 143.81 and 143.42.
On the other side the market has immediate resistance 144.83. If, market breaks the primary resistance level then, market will go for the new resistance level 145.07 and 145.46.
GBP/JPY Fundamental Analysis
The GBP/JPY pair rallied on Friday, breaking above the top of the hammer from Thursday. Because of this, looks as if the buyers are starting to reenter the market, reaching towards the 145 handle. Ultimately, if we can break above there think the market will then go to the 150 handle. This is a market that continues to be “buy on the dips” as far as I can see, and because of this I feel that the market will continue to offer buying opportunities. I think that the 140 level below is the absolute “floor” of the market.
Along with technical analysis following economic event are very important to analyze the financial market properly.
GBP/JPY Important Economic News: (GMT +2)
- 11:30am GBP Manufacturing PMI