FOREX Chart Of The Day: GBPJPY At Resistance

The GBPJPY price is approaching major resistance. Could we see a short term reversal here?

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GBPJPY Analysis

The GBPJPY price is back at a major resistance zone where we could see a reversal form. GBP has recently lost strength in the market after the Bank of England disappointed investors by not hiking rates aggressively. The JPY remains weak however we have seen glimpses of strength as the stock market continues to fall.

The weekly chart shows the price has been finding resistance at the major highs, when the price was here last time we saw a less aggressive sell off in the market which means the sellers are less likely to push price too far. Instead we may only see a minor rejection, but this could still offer an opportunity. If the price reaches the key zone we can look for bearish price action to form to look at a short trading idea. 

Have you seen our USDCAD analysis? You can watch it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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