Forex News

23:56:58 02-12-2021

GBP/JPY Price Analysis: Bulls eye 151 the figure in a 61.8% golden ratio

  • GBP/JPY bull sin charge and eye 151 the figure.
  • The daily chart is moving in on a critical level of resistance. 

GBP/JPY bulls are taking charge at the end of the week's sessions as risk appetite improves. Markets are moving into consolidation and profits are being taken ahead of Friday's Nonfarm Payrolls. This is giving the yen bulls something to be fearful of and helping GBP/JPY to move higher. 

GBP/JPY hourly chart

GBP/JPY is riding dynamic hourly support and is on the verge of an upside extension following a 78.6% Fibonacci retracement. The bulls will eye the 150.80 key psychological level for the coming sessions. 

GBP/JPY daily chart

From a daily perspective, the bulls eye the 61.8% Fibonacci retracement level near 151 the figure.  This meets an old support area that would be expected to act as resistance. 

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