FX.co ★ GBP/JPY

If the sharp strengthening of the yen is the result of the promised intervention by the Japanese Finance Minister, then it can be assumed that this process will continue into the next week, as the Japanese currency has not yet reached the desired levels. In this case, the GBP/JPY pair will move beyond the H4 cloud, at the lower boundary of which it completed trading, and head towards the support level of 212.50 (Murray 0.8). Otherwise, it will return to the base of the 214th figure (Murray 1.8).

GBPJPY: The price was above the middle Bollinger Band but moving in the range zone on the H4 time frame chart. The currency pair GBPJPY has broken below the support of the range zone and the middle line of the Bollinger bands in the current candle of the chart of the H4 time frame. The price of this currency pair is below the middle Bollinger band line, so bear pressure is growing and it will test the bottom Bollinger band line at 189.83. The GBPJPY currency pair passed the middle Bollinger band line to the upside last Thursday, according to the daily time frame chart, and the price increased on Friday as a result of strong buyer pressure. The price dropped yesterday and is still falling today. This means that the GBPJPY currency pair may soon hit the middle line of the Bollinger band. The middle line of the Bollinger Band will be tried, and the buyers are going to push the price higher to test the top line of the Bollinger Band at the price level of 192.73. With some resistance at this price level and quite importantly, this should be considered the goal aim for traders. This currency pair had touched the middle Bollinger Band line during the last week after the price had risen during the last two weeks due to considerable buying demand and the formation of a strong bullish candle on the weekly time frame chart. For the time being it will be tough for sellers to get above the middle Bollinger Band line, but they should soon. If the price falls, it will test the bottom Bollinger band line again at the price level 186.16.