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GBP/JPY Technical Analysis - GBP/JPY Trading: 2023-07-21
GBP/JPY Technical Analysis Summary
Above 180.885
Buy Stop
Below 179.891
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
GBP/JPY Chart Analysis
GBP/JPY Technical Analysis
The GBPJPY technical analysis of the price chart on 4-hour timeframe shows GBPJPY,H4 has breached above the 200-period moving average MA(200) which is rising itself. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 180.885. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 179.891. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - GBP/JPY
UK inflation slowed more than expected in June. Will the GBPJPY price rebounding reverse?
Latest UK inflation data had significant bearish impact on Pound: UK consumer inflation slowed much more than expected in June. The UK Office for National Statistics reported the Consumer Prices Index rose by 7.9% in the twelve months to June 2023, down from 8.7% in May, when the forecast was 8.2% of growth. Steeper than expected slowing of UK inflation is bearish for Pound and hence the GBPJPY pair. At the same time Japan’s consumer inflation started to grow again in June: Japan's core consumer inflation re-accelerated in June and stayed above the central bank's 2% target for the 15th straight month. The Statistics Bureau reported the National Core CPI rose to 3.3% over year in June from 3.2% in May, in line with expectations. Accelerating Japanese consumer inflation is bearish for Japanese yen and GBPJPY pair. However, the current setup is bullish for GBPJPY.
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