GBPJPY – Bulls Are In Control, Pulling Prices Higher

by at FXTM.
Tran Dai Phat
Tran Dai Phat

The GBPJPY currency pair on the Daily Chart has been in an uptrend since 22 June 2020 when it registered the low price at 131.728, followed by a series of higher tops and higher bottoms.

On 13 August 2020, the GBPJPY pair recorded the high price of 140.181.

Technical Analysis

When applying Oscillator Analysis to the price chart, one can see that price is trading above the SMA 60 period Moving Average line, a fact which confirms the GBPJPY currency pair’s upward direction.

Furthermore, the Moving Average/Convergence Divergence (MACD) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument.

Additionally, the Relative Strength Index (RSI) Oscillator registers values above the fifty line which indicates positive sentiment.

All three technical indicators are in agreement with regards to the upward bias of the pair.


Three price targets may be calculated upon applying the Fibonacci tool to the price chart.

  • The first price target is estimated at 137.605 (161.8%).
  • The second price target is seen at 139.230 (261.8%).
  • The third price target is projected at 141.859 (423.6%).

While the first target and the second have already been breached, the GBPJPY pair is currently trading above the uptrend line. The presence of the Bullish Engulfing pattern hints at a potential rally to the upside.

Of course, supply and demand as well as the crowd sentiment will determine the future course of GBPJPY currency pair.

GBPJPY Daily 23rdAug

For more information, please visit: FXTM

Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXTM is a top-rated forex and CFD broker. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ markets and three account types, they cater to all levels of trader.