GBPJPY Technical Analysis 30th August 2024 1h chart

Introduction

The GBPJPY currency pair has been in a downtrend since the beginning of the month. The pair has been making lower highs and lower lows, and is currently trading below its 200-day moving average.

The 1-hour chart shows that the pair is currently in a consolidation phase. The pair is trading within a range between 162.00 and 162.50. The pair is likely to break out of this range soon, and traders should be prepared for a move in either direction.

Technical Analysis

The GBPJPY currency pair is currently trading at 162.25. The pair is in a downtrend, and is likely to continue to move lower in the short term.

The pair's 200-day moving average is currently at 163.00. The pair is currently trading below its 200-day moving average, which is a sign of weakness.

The pair's relative strength index (RSI) is currently at 40. The RSI is a momentum indicator that measures the strength of a trend. A reading below 50 indicates that the trend is weakening.

Trading Strategy

Traders should consider selling the GBPJPY currency pair if it breaks below the 162.00 support level. The pair's target price is 161.50. Traders should place a stop-loss order above the 162.50 resistance level.

Traders should consider buying the GBPJPY currency pair if it breaks above the 162.50 resistance level. The pair's target price is 163.00. Traders should place a stop-loss order below the 162.00 support level.

Conclusion

The GBPJPY currency pair is currently in a downtrend. The pair is likely to continue to move lower in the short term. Traders should consider selling the pair if it breaks below the 162.00 support level.