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GBPJPY Fightback Set to Test Resistance?

Published: 03.04.2023
by Joseph Jeffriess

Hi traders, hopefully, you all had a pleasant weekend. Oil is the big story today, but from a technical point of view, I need more time before I can get some sort of idea on it. Yes, there could be a gap fil play, but that’s a bit of a dart at the wall, in my opinion, at the moment.

Risk has started forming a solid little fightback to the JPY. The Yen started the day with some decent gains to the risk majors. We are taking a look at the GBPJPY below as buyers look set to retest resistance, seen at 164.40. This level and above has held buying back since February.

The overall price is grinding, but we do have a higher low and a rough trend in play. Will buyer momentum continue into the London session? Will GBPJPY buyers break above 164.40 resistance and set up a new breakout higher?

GBPJPY Daily Chart

Good trading

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