GBP/JPY Today's Target Point (December 23)
GBP/JPY opens with a slight gap downaround 142.10to start from.
The weekly chart that catches attention starts above the 90-day moving average, and as of the morning, there is a small rebound.
■GBP/JPY, Daily Target PointsThe Bollinger Bands are flat and in a squeeze, and unlike USD/JPY there is a wider range, so there may be some movement.
It is sustaining the 142 level where the 25-day moving average lies and has retraced a little, so the upside targets arearound 142.48, with the middle line ataround 142.68, and the downside aroundaround 142.98whose vicinity traders should watch as potential selling pressure near the retrace area.
If it falls and breaks below142.00,around 141.50or the -1σ areaaround 141.30,around 141.00approximately 139.85— there is room for movement, so that area might act as a support line, but on a daily basis there is also -2σ aroundthat traders should be mindful of.
■GBP/JPY, 4-hour Target Points
In the 4-hour chart, Bollinger Bands are in a squeeze and the price is moving down past the 90-day moving average, so be cautious of selling on rallies.
As of the morning, it has retraced, so if it breaks above the resistance trend line neararound 142.35,around 142.48and reaches the 10 EMA aroundaround 142.56, it could retrace up to that level.
Nearby the 10 EMA, upside may be limited, and even if the price moves, if it stays below the 10 EMA after a candle changes, it may turn down again, so watch the candles after 10:00.
If it also breaks above the 10 EMA, then around the middle line ataround 142.94,from 143.00 to 143.05, and the 90-day moving average ataround 143.20 to 143.30, be mindful of selling rallies in this vicinity.
If it updates the low to the 141 range, approaching the 200-day moving average around141.62,around 141.40, be aware of that level.
RCI short-term line is turning up, and MACD may be forming a golden cross, so a retracement seems likely!?
☆☆☆ Scatote Fuuta’s Target Points ☆☆☆
【Sell on Retracements Points】
1、around 142.48
2、around 142.60
3、from around 142.94 to around 143.00–143.05
【Pivot Lines】※These can be lines traders watch and sometimes mark key turning points.
around 142.54
【Pivot Lines】※These can be lines traders watch and sometimes mark key turning points.
around 142.54
【Buy on Dips Points】
1、around 142.17
2、around 142.08 to 142.00
3、around 141.65 to 141.60
※When trading, please exercise personal responsibility and be very careful!
■Today’s Outlook※When trading, please exercise personal responsibility and be very careful!
Today’s retracement may be attempted, but near resistance levels watch for selling on rallies.
GBP/JPY, unlike USD/JPY, has the potential to move to some extent, but after entering a trade, there is a possibility that it may move without continuing.
Also, with year-end approaching, there might be closing trades, so be mindful of sudden moves around market open/close and other strategic price swings.
Many will be done trading for the year by now. So during this period, it might be better to spend time on demo trading for testing and study!
Also, with year-end parties, be careful not to overeat or drink too much.
※GBP/JPY is highly influenced by fundamentals, so when it moves sharply, avoid going against the trend!
Well then, everyone, let’s stay careful today as well. Only a little more this year! Looking forward to your cooperation this week too!!
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Scatote Fuuta’s daily market bloghttp://fxfighter-fuuta.link/
Scatote Fuuta’s technical study sitehttp://fx-fuuta.com/
Scatote Fuuta’s Twitter@fuuta_fx_trader
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