GBPJPY Buyers Seeking Higher Prices

Tues 4th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPJPY
• GBPUSD (Covered in Video)

Today we’re looking at Trading Setups in: GBPJPY & GBPUSD (Covered in Video)

JPY remains on the weak side of the tables as risk returns to the market.

GBP has emerged as the top currency on both tables.

The Bank of England recently talked of hiking interest rates further to fight rising inflation.

Traders responded positively to this and GBPJPY and GBPUSD have traded higher.

GBPJPY has traded through multiple resistance zones of late.

This included the daily 200 moving average and long term trend line resistance.

Price is now approaching a previous resistance high of 165.75.

If price fails here it could pullback to minor support at 165.00.

Alternatively, if price trades through these highs we could look for a break and retest opportunity.

Traders buying this market could look to target the key highs at 169.00.

Technical Observations

• The GBP is S1 and JPY is W1 on the day traders table.
• Price has traded resistance zones including D 200MA and long term trend line.
• Price is currently at resistance of 165.75.
• If price pulls back to minor support at 165.00 buyers could re enter the market.
• However, if price breaks above these highs it could offer a break and retest opportunity.
• Buyers should look to target the 169.00 highs.