A Burst Recorded on GBPJPY Signals Logical Bullish Trend

GBPJPY Price Analysis –  February 12

GBPJPY pair rose Wednesday in the mid-European session into the American session on Wednesday and is as of now close to the week tops, just underneath the level of the round figure of 143.00 level. Without any new (negative) headlines identified with Brexit, the British pound added to the positive development this week and was viewed as one of the key factors that expanded the level of the FX pair.

Key Levels
Resistance Levels: 148.66, 147.95, 144.60
Support Levels: 140.83, 135.49, 126.54

GBPJPY Long term Trend: Bullish

GBPJPY has been bullish on the daily chart for the last two trading days and on the current day. The chart indicates that the price has advanced to the level of 142.88. It consolidated around the nearest resistance zone at the 143.00 level.

The candle of the session remains bullish. The price may come at a breakout level. If it produces a bullish reversal candle at 142.47 level, the price may head north with good bullish momentum.

GBPJPY Short term Trend: Ranging

GBPJPY intraday bias remains neutral, and the correctional model from the level of 144.60 is still expanding. On the other hand, a breakthrough of the level of 140.83 may come close to a partial rollback of the level from 126.54 to 147.95 to 139.31.

On the other hand, overcoming the resistance level of 144.60 can lead to a stronger rebound to re-test the level at a high of 147.95.

Instrument: GBPJPY
Order: Buy
Entry price: 142.47
Stop: 142.00
Target: 144.60

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