17th January 2022 Technical Analysis

GBPJPY

GBPJPY fell on Friday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 156.276，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 156.400

Resistance level 2: 156.580

Resistance level 3: 156.750

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 156.000

Support level 2: 155.800

Support level 3: 155.550

The Bank of Japan will announce its latest interest rate decision on Tuesday, and expectations of a rate hike suggest that it is good for the Japanese yen, so it is negative for the GBPJPY currency pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the GBPJPY currency pair near the current level.

GBPUSD

GBPUSD fell on Friday, and the technical bias is bearish due to lower lows in the recent uptrend.

The pair is currently trading near 1.36698，and multiple resistance levels can be seen above which may prevent the price from rising further.

Resistance level 1: 1.36800

Resistance level 2: 1.37000

Resistance level 3: 1.37300

Below the price, multiple support levels can be seen which may prevent the price from falling.

Support level 1: 1.36450

Support level 2: 1.36250

Support level 3: 1.36050

On Tuesday, the UK will release the unemployment rate for November, and a higher figure indicates that it is unbeneficial to the GBP, and so it is negative for the GBPUSD pair, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the GBPUSD currency pair near the current level.