Forex Signals

GBPJPY Expects Further Upsides


The GBPJPY cross in its hourly chart exposes a short-term upward sequence, which started on June 22nd when the price found fresh buyers at 131.78.

The price actions show a structural series that exposes a higher high and lower high sequence, which leads us to expect further upsides in the coming trading sessions.


On the other hand, the hourly chart shows the breakout developed by the price action, which consolidated over a resistance range between 133.66 and 133.86. This breakout leads us to support the possibility of a short-term bullish continuation. The RSI oscillator moving above the level-60 and the price action re-testing the previous highs of early July at 134.59, reveals the possibility of more upsides.

Our bullish outlook foresees upsides until 135.60 level, which coincides with the mid-June highs zone. The invalidation level of our scenario locates at 133.90 that corresponds to the lowest level of the current trading week.


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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