GBP/JPY Price Analysis: Volatility contracts amid stretched weekend in Japan GBPJPY Technical Analysis SupportResistance Breakouts Volatility
contraction. Trading activity is expected to remain quiet as Japanese markets are closed on account of Coming of Age Day.
On an hourly scale, the cross is auctioning in an Ascending Triangle chart pattern that signals a volatility contraction. Usually, a volatility contraction is followed by a breakout, which results in wider ticks and heavy volume. The horizontal resistance of the aforementioned chart pattern is plotted from January 4 high around 160.20 while the upward-sloping trendline is placed from January 5 low at 158.52.
At the time of writing, the cross is looking for support around the 20-period Exponential Moving Average at 159.53 after a mild correction. While the 50-EMA at 159.25 is sloping north, which indicates that the short-term trend is solid. The Relative Strength Index is oscillating in a 40.00-60.00 range, which indicates that investors are awaiting a fresh trigger for a decisive move.pattern above January 4 high around 160.20, which will drive the asset towards December 27 high around 161.00. An upside break of the latter will expose the cross for more upside to near December 28 high around 162.34.
Alternatively, a breakdown below January 5 low at 158.52 will drag the cross towards January 3 high at 157.46 followed by January 3 low at 155.36.
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