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Home ANALYSIS

GBPJPY trades to the highest level since June 2016

A.R Chowdhury by A.R Chowdhury
March 22, 2022
Reading Time: 5 mins read
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GBPJPY trades to the highest level since June 2016

GBPJPY

The GBPJPY moved up to test 50%/160.00 area.

The  GBPJPY 
GBP/JPY

The GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen.  The British pound (GBP) is the world’s fourth most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in a very liquid and popular currency pair. GBP/JPY Prized for its Versatility Among TradersThe GBP/JPY often stays within the 1 pip to 4 pip spread range on most forex brokers. This coupled with its consistently high range and volatility makes it a great candidate for both medium term and long-term trading, although it is also very popular with scalpers. The GBP/JPY is one of the most widely traded forex pairs. A lot of traders actually prefer it to the major pairs, because of the potential it provides. It’s popular with both technical and fundamental traders. The pair’s range easily surpasses a hundred pips on most days.Seasoned news traders also love this pair, since it reacts more vigorously to economic reports and news releases compared with most of the other pairs which possess similar spreads.However, high spreads and whipsaws can be a problem during the really high impact releases.When it comes to technical trading on the GBP/JPY, the classical tried and trusted technical analysis tools and patterns are still the number one weapon of choice. Despite the almost exponential increase in the number of indicators and scripts available in recent years, perhaps with a few exceptions, they simply don’t provide the consistent level of insight a trader needs.Additionally, trading the GBP/JPY gives you exposure to some of the most important economies in the world. Designated as a safe haven currency by investors, the JPY garners popularity in times of volatility or turmoil.By extension, the GBP has remained a paramount currency, despite the recent fallout wrought by Brexit negotiations with the European Union. As such, the currency pair has been highly subject to these discussions, with no resolution presently in sight.

The GBP/JPY is the currency pair encompassing the British pound of the United Kingdom (symbol £, code GBP), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one British pound. For example, when the GBP/JPY is trading at 165.00, it means 1 British pound is equivalent to 165 Japanese yen.  The British pound (GBP) is the world’s fourth most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting in a very liquid and popular currency pair. GBP/JPY Prized for its Versatility Among TradersThe GBP/JPY often stays within the 1 pip to 4 pip spread range on most forex brokers. This coupled with its consistently high range and volatility makes it a great candidate for both medium term and long-term trading, although it is also very popular with scalpers. The GBP/JPY is one of the most widely traded forex pairs. A lot of traders actually prefer it to the major pairs, because of the potential it provides. It’s popular with both technical and fundamental traders. The pair’s range easily surpasses a hundred pips on most days.Seasoned news traders also love this pair, since it reacts more vigorously to economic reports and news releases compared with most of the other pairs which possess similar spreads.However, high spreads and whipsaws can be a problem during the really high impact releases.When it comes to technical trading on the GBP/JPY, the classical tried and trusted technical analysis tools and patterns are still the number one weapon of choice. Despite the almost exponential increase in the number of indicators and scripts available in recent years, perhaps with a few exceptions, they simply don’t provide the consistent level of insight a trader needs.Additionally, trading the GBP/JPY gives you exposure to some of the most important economies in the world. Designated as a safe haven currency by investors, the JPY garners popularity in times of volatility or turmoil.By extension, the GBP has remained a paramount currency, despite the recent fallout wrought by Brexit negotiations with the European Union. As such, the currency pair has been highly subject to these discussions, with no resolution presently in sight.
Read this Term
is running running higher and in the process is up testing the 50% midpoint of the longer term range from the 2015 high down to the 2020 low (the 2020 low was near the swing low from 2016). The point level comes in at 159.918. The price highs breaking above that level now and is trading right near the natural level 160.00. The high price going back to June 19, 2016 reached 160.09. As I type the price is now trading above the 160.09 level to a high of 160.15. This thing can run more. It would now take a move back below the 159.91 level to start to hurt the intraday move, but that is just step one now.

Looking back to 2016, the price traded above and below the 160.00 from mid-March to near mid-June. The high during that period reached 163.89 which is a target on more upside. The low was at 151.43 (which is also near the 38.2% on the weekly chart above).

The price a few weeks ago fell below the lower swing level to 150.96, but after a few days of trading above and below the level, the price based and started its sharp trend move to the upside (see hourly chart below).

GBPJPY

GBPJPY races higher and above 160.00

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The close risk is now the 50% midpoint. Below that it would take a move below the rising 100 bar MA on the 5 minute chart below (blue line. That is rising toward the 38.2% of the trend move higher today.

More recently there has been come stall and ups and downs as the pair approached 160.00 level, but the pair’s declines were still modest relatively, to the run higher. Getting below the 38.2-50% area and the rising 100 bar MA at 159.10 currently is required to take the pair out of the trend like mood it is in now.

GBPJPY

GBPJPY races higher as buyers push
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A.R Chowdhury

A.R Chowdhury

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