Will the GBP/JPY Bounce off of the Resistance Level Again ?

Will the GBP/JPY Bounce off of the Resistance Level Again ?

Contents

GBP/JPY Technical analysis

October 13, 2021|The Forex SecretThere is a G20 meeting this week on 13th October. G20 meetings are attended by the finance ministers and central bankers from 20 industrialized nations. It is an influential event, their initiatives and policies may impact the currency market. Therefore, we may expect the market to be a little volatile for GBP/JPY.

GBP/JPY Technical analysis

The GBP/JPY bulls are active from the beginning of the week and it is going uptrend. In the picture above, we can see that the GBP/JPY is currently trading above the dynamic 20 EMA. There is a possibility of correction as the current price is trading way above the 20 EMA. The bulls have already broken the 152.00 resistance level once. If the price moves up to the 155.50 daily closed candle, investors should focus on finding a buy. However, investors should focus on finding a sell near 154.00 level.

What We Can Expect from the GBP/JPY

As per the above findings, we can expect that the GBP/JPY is trading above the dynamic 20 EMA, which indicates a bearish correction. Investors should focus on finding a sell near 154.00 level. However, if the price moves up to the 155.50 daily closed candle, investors should focus on finding a buy.

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