Daily Analysis For GBP/JPY   19-12-2022

Daily Analysis For GBP/JPY 19-12-2022

GBP/JPY Analysis
GBP/JPY
Economic Events and Scenario for GBP/JPY
Economic Events : -
GMTEventCurrency
03:35-(Japan) 52-Week Bill AuctionJPY
11:00-(United Kingdom) CBI Industrial Trends OrdersGBP

Today's Scenario : - In advance of Monday's London opening, GBP/JPY bears continue to hold the reins, fading the day's early rally below 165.20. Nevertheless, the daily close below the 50-DMA of the cross-currency pair, together with the bearish MACD indications, favours GBP/JPY bears. The 100-DMA's intersection with an upward-sloping trend line from November 11 around 164.70, however, seems to be a difficult nut for the bears to break.

Buy Scenario : - If the prices go below 164.70, the low from November at 163.00 can serve as an additional filter southward before revealing the 160.00 psychological magnet. However, it should be highlighted that the GBP/JPY bears may face difficulties following October's low at 159.75. In contrast, until the quote shows a daily close above the 50-DMA level of 167.15, recovery advances seem unlikely. The main obstacle to the upward will thereafter be a five-week-old horizontal resistance sector located between 169.00 and 169.20. The 170.00 round number also serves as an additional filter. Until then, we do not advise purchasing GBP/JPY.

Sell Scenario :- Overall, GBP/JPY continues to be weak as it breaches important support and has MACD as a back-up indicator to signal the bears. However, the negative swings look to have limited capacity unless producing a daily closing below 164.70, until we do not recommend selling GBP/JPY.

Support and Resistance Level : -
SupportResistance
S1 158.21-R1 165.42
S2 155.75-R2 168.72
S3 151.87-R3 174.80

Discussion

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