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GBP/JPY Technical Analysis - GBP/JPY Trading: 2023-02-15
GBP/JPY Technical Analysis Summary
Above 162,9
Buy Stop
Below 155,9
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
GBP/JPY Chart Analysis
GBP/JPY Technical Analysis
On the daily timeframe, GBPJPY: D1 went up from the triangle. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if GBPJPY: D1 rises above the upper Bollinger band and 200-day moving average line: 162.9. This level can be used as an entry point. The initial risk limit is possible below the Parabolic signal, the last 2 lower fractals, and the lower Bollinger band: 155.9. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After making a trade, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (155.9) without activating the order (162.9), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - GBP/JPY
The Japanese economy is showing signs of a slowdown. Will GBPJPY quotes keep growing?
The move up means the weakening of the Japanese yen against the British pound. According to preliminary data, Japan's Gross Domestic Product in the 4th quarter of 2022 increased by +0.6% y/y. This is worse than expected (+2% y/y). On February 16, the Japan Trade Balance for January will be published. The biggest deficit is expected (from -2.6 to -3.8 trillion yen) since August 2022. There will also be Machinery Orders for December, which may be reduced. All this can negatively affect the yen. On Tuesday, good data on the labor market came out in Britain. In December, the UK Employment Change 3-months unexpectedly increased to a maximum since June 2022 and amounted to 74 thousand. On December 15, important inflation data for January will be published in Britain. The prognosis is positive. UK Retail Sales will be released on February 17th.
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