Select Language

GBP/JPY Price Prediction: Short-term trend may have reversed after Halloween sell-off

Breaking news

GBP/JPY Price Prediction: Short-term trend may have reversed after Halloween sell-off

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.05 00:30
GBP/JPY Price Prediction: Short-term trend may have reversed after Halloween sell-off

update 2024.11.05 00:30

  • GBP/JPY may have reversed trend following the steep decline on October 31. 
  • More downside will likely find support at major moving averages, momentum is bearish. 

GBP/JPY rose up after breaking out of the Right-Angle Triangle it formed during October and reached the minimum price expectation for price pattern, at 199.59, the 61.8% Fibonacci extension of the height of the Triangle at its widest point, higher (blue-shaded rectangle). 

GBP/JPY 4-hour Chart 

GBP/JPY was in an established short and medium term uptrend as it rose following the break out, however, since the sell-off of October 31, the short-term trend might have reversed. If the short-term trend has changed, it will suggest the bias is to the downside given the technical analysis dictum that "the trend is your friend". Indeed it is possible the trend may have already reversed and prices could be biased to going lower. If so, now would be the ideal time to enter a low risk short position.  

A break below 195.37 would supply added confirmation and likely see a sell-off down to a target at 194.11 and the 200-day Simple Moving Average (SMA) (not shown) followed by 192.64 and the 50-day SMA (also not shown). These heavy-duty SMAs, however, are likely to provide support to falling prices. 

The blue Moving Average Convergence Divergence (MACD) momentum indicator line has crossed below the red signal line and also below the zero level, and taken together these are  bearish signs.  


Date

Created

 : 2024.11.05

Update

Last updated

 : 2024.11.05

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

USD/INR rises as equity outflows weigh on Indian Rupee

The Indian Rupee (INR) extends its downside on Tuesday after closing at a new all-time low in the previous session.
New
update2024.11.05 12:00

WTI inches lower to near $71.00 ahead of US presidential election

West Texas Intermediate (WTI) Oil price edges lower due to uncertainties surrounding the results of the US presidential election on Tuesday.
New
update2024.11.05 11:56

China's Premier Li: Confident of meeting this year's growth target

China's Premier Li Qiang said at an Import Expo in Shanghai on Tuesday that he is "confident of meeting this year's growth target." Additional comments Must build a stronger consensus for opening up.
New
update2024.11.05 11:48

Gold Price Forecast: XAU/USD traders appear non-committal on the US election day

Gold price is miring in five-day lows near $2,730 in Asian trading on Tuesday, lacking a clear direction.
New
update2024.11.05 11:38

Japanese Yen hovers near one-week top against USD as US election looms large

The Japanese Yen (JPY) ticks lower against its American counterpart during the Asian session on Tuesday and moves away from a one-week high touched the previous day.
New
update2024.11.05 11:25

Australian Dollar appreciates following PMI data, awaits RBA policy decision

The Australian Dollar (AUD) maintains its position after registering gains in the previous session following improved Purchasing Managers Index (PMI) data released on Tuesday.
New
update2024.11.05 11:15

China's Caixin Services PMI jumps to 52.0 in October vs. 50.5 expected

China's Services Purchasing Managers' Index (PMI) rose to 52.0 in October from 50.3 in September, the latest data published by Caixin showed on Tuesday.
New
update2024.11.05 10:46

NZD/USD softens below 0.6000 as RBNZ says economic downturn could get worse

The NZD/USD pair weakens to near 0.5970 on Tuesday during the Asian trading hours.
New
update2024.11.05 10:36

PBOC sets USD/CNY reference rate at 7.1016 vs. 7.1203 previous

On Tuesday, the People's Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1016, as compared to the previous day's fix of 7.1203 and 7.1019 Reuters estimates.
New
update2024.11.05 10:17

RBNZ: Economic conditions remain challenging, businesses facing difficulties

The Reserve Bank of New Zealand (RBNZ) stated on Tuesday that the economic conditions remain challenging and business is doing it tough.
New
update2024.11.05 09:51

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel