The GBPJPY pair, on the 4-hour chart, presents some compelling technical signals. The MACD line, currently at 0.0213, has surged above its signal line which is at 0.127, indicating potential bullish momentum. Supporting this view, the MACD histogram also reflects an ascent with a value of 0.086. Adding to the bullish narrative, the short-term SMA, positioned at 182.434, has crossed above the long-term SMA at 182.043, typically a bullish crossover signal. This suggests that upward momentum might be gaining traction in the near term. However, traders should always be cautious and corroborate these findings with other indicators. At the time of this analysis, the pair’s price stands at 182.558.
• There is a resistance level at 183.500; followed by resistance at 183.020 and 182.680.
• There is a support level at 181.500. Below, there are 181.230 and 180.530.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 2, 2023