GBPJPY Technical Analysis At Year-End: between 195.86 resistance and 200.00 psy target
I continuing to make a technical forecast of the value/price of the pairs at year-end.
Some pairs were already estimated for year-end value which as GBPUSD,
EURUSD, USDJPY as well as Crude Oil, S&P 500 and Silver. So,
let's start to forecast GBP/USD price at year-end
using simple
technical analysis tools:
- support and resistance lines, and
- Simple Moving Averages indicator (which is standard indicator in Metatrader 4 and Metatrader 5)
As we see from the charts below (W1 timeframe and MN1 timeframe for GBP/USD) - 195.86 is the key resistance level for this pair for both timeframes together with 200.00 psychological level as the next target. On W1 timeframe - the price is located above 100 SMA and above 200 SMA for primary bullish market condition trying to break 195.86 resistance on close W1 bar to go to 200.00 psy target.
MN1 timeframe: the price is on primary bullish for trying to break 195.86 resistance level with 200.00 psychological target.
So, we can prove that the price will be between 195.86 - 200.00 as the real valid targets for this pair at year-end.
