Forex Marketz Daily Forex News – Fully Markets Update
GBP/JPY (193.583)
- Support Levels: 192.81, 191.31, 190.10
- Resistance Levels: 194.59, 195.81, 196.80
- Trade Strategy: Stand Aside
The GBP/JPY Forex market could be preparing to move lower after forming a bearish engulfing candlestick. This bearish formation is visible on the below GBP/JPY daily MT 4 chart, which we will be using for today’s technical analysis.
Technical Analysis
Looking at today’s GBP/JPY technical analysis, there is near term technical support lining up at 192.81. A daily close below this technical support level challenges the next technical support lining up at 191.31. The alternative GBP/JPY technical analysis, should the Sterling recover and push higher, thus supporting this Forex market notes technical resistance lining up at 194.59. A break above this technical resistance level challenges the June 18 high, and next resistance level, at 195.81. This resistance level is at the end of a minor cluster area that begins at 195.70.
Trade Strategy
There is not a lot of event risk for the GBP/JPY Forex market on today’s economic calendar. Later today, the United Kingdom will release their trade numbers, but that should have little impact. In the absence of economic news and event risk, I will rely solely on my technical analysis for a trade decision.
Let’s get to it. The GBP/JPY Forex market is trading very close to a trend line support. From a risk to reward perspective, entering a short GBP trade is not advisable. Timing is not quite right for that. There are no clearly defined bullish reversal signals at this time making a long GBP trade a bit premature. For now, I will stand aside and monitor my technical charts for a more opportune trade to come along. For today, I will remain flat in the GBP/JPY Forex market.
