GBPJYP Analysis Summary (British Pound - Japanese Yen)

In the forex market, the Pound is the 4^th most traded currency globally, while the Japanese yen takes the 3^rd position (Bank of International Settlements, 2016). This week's analysis follows the technical analysis forecast and sentiments to predict the possible direction of the market.

SUPPORT & RESISTANCE

Support One: 149.61

Support Two:148.16

Support Three: 145.68

Resistance

Resistance One: 155.5

Resistance Two:156.6

Resistance Three: 160.33

Pivot

Pivot: 153.09

GBPJPY Analysis

From the four-hour chart (4HR), Monday morning (12^th July 2021) will experience a slight bearish movement to around 152. 595 zone. Then, the market will begin its journey to the moon (Bullish Trend) to the zone between 154.000 to around 155. 520. After the early morning sell-off, I plan to take my buy order at around 153.263 and take profit at 154.852. Thereafter, the market will experience an intense downfall (bearish move to below 149.000) I prefer a risk to reward ratio of 1:2 to 1:3. Trade safe, risk management, let’s do this.