Forex analytics and overview

GBP/JPY Trades Sideways After Massive Decline Pauses

2022.12.23 23:35


XM Group

GBP/JPY Trades Sideways After Massive Decline Pauses
had been in an uptrend since late September, with the price posting a fresh 6½-year high of 172.10. However, after a period of consolidation, the pair experienced a huge downward spike on the back of the BoJ’s surprise decision and has been rangebound since then.

The momentum indicators suggest that bearish forces are intensifying. Specifically, the MACD histogram is extending its decline below both zero and its red signal line, while the stochastic oscillator is sloping downwards within the 20-oversold zone.

Should bearish pressures persist, the recent low of 158.58 could act as the first line of defence. Sliding beneath that floor, the price could descend towards the May bottom of 155.58 or lower to test the September support of 152.53. A violation of the latter could open the door for the March low of 151.00.

On the flipside, if buyers re-emerge and push the price higher, the pair may initially test the 161.00 hurdle. Piercing through that zone, the spotlight could turn to the inside swing low of 163.04, which might now act as resistance. Higher, further advances could then cease at the July resistance region of 166.31.
n brief, GBPJPY is trading without a clear direction after its significant downside move came to a halt. Hence, a break below its recent 2½-month low of 158.58 could reignite the bears’ hopes for a sustained decline.

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 64,355.24 0.14%
ethereum
Ethereum (ETH) $ 3,497.70 0.18%
tether
Tether (USDT) $ 0.999743 0.04%
bnb
BNB (BNB) $ 589.53 0.50%
solana
Solana (SOL) $ 134.31 0.09%
staked-ether
Lido Staked Ether (STETH) $ 3,497.16 0.16%
usd-coin
USDC (USDC) $ 1.00 0.02%
xrp
XRP (XRP) $ 0.488249 0.64%
the-open-network
Toncoin (TON) $ 7.61 5.99%
dogecoin
Dogecoin (DOGE) $ 0.124957 0.64%
cardano
Cardano (ADA) $ 0.392373 4.10%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 0.45%
tron
TRON (TRX) $ 0.120056 0.50%
avalanche-2
Avalanche (AVAX) $ 25.64 1.98%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 64,341.24 0.14%
chainlink
Chainlink (LINK) $ 13.56 0.48%
polkadot
Polkadot (DOT) $ 5.78 0.91%
bitcoin-cash
Bitcoin Cash (BCH) $ 389.42 0.45%
uniswap
Uniswap (UNI) $ 10.03 0.48%
near
NEAR Protocol (NEAR) $ 5.35 2.09%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,634.25 0.09%
litecoin
Litecoin (LTC) $ 74.29 0.35%
matic-network
Polygon (MATIC) $ 0.582153 3.03%
dai
Dai (DAI) $ 0.999721 0.06%
leo-token
LEO Token (LEO) $ 5.62 1.76%
pepe
Pepe (PEPE) $ 0.000012 2.71%
internet-computer
Internet Computer (ICP) $ 8.18 1.19%
kaspa
Kaspa (KAS) $ 0.156303 5.79%
fetch-ai
Fetch.ai (FET) $ 1.48 3.95%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.06%
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,525.27 0.53%
ethereum-classic
Ethereum Classic (ETC) $ 23.38 0.26%
aptos
Aptos (APT) $ 6.95 1.61%
monero
Monero (XMR) $ 165.61 2.60%
render-token
Render (RNDR) $ 7.40 0.18%
hedera-hashgraph
Hedera (HBAR) $ 0.078732 1.06%
stellar
Stellar (XLM) $ 0.091698 0.85%
cosmos
Cosmos Hub (ATOM) $ 6.82 1.40%
mantle
Mantle (MNT) $ 0.808616 0.56%
arbitrum
Arbitrum (ARB) $ 0.810635 1.23%
okb
OKB (OKB) $ 42.00 0.56%
crypto-com-chain
Cronos (CRO) $ 0.093446 0.32%
filecoin
Filecoin (FIL) $ 4.43 0.79%
blockstack
Stacks (STX) $ 1.66 0.11%
immutable-x
Immutable (IMX) $ 1.55 1.36%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.09%
sui
Sui (SUI) $ 0.925741 3.45%
maker
Maker (MKR) $ 2,405.48 2.57%
vechain
VeChain (VET) $ 0.025894 0.06%
injective-protocol
Injective (INJ) $ 21.30 2.07%