GBP/JPY Rebounds Above Level 152.00, Faces Rejection at Level 154

Azeez Mustapha
14 May 2021 | Updated: 14 May 2021

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY pair is in an uptrend. Buyers have broken the previous resistance at level 153.41. Presently, the uptrend has reached a high of level 154.14. On April 6 uptrend a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Pound will rise to level 2.618 Fibonacci extension or the high of 161.42.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY has risen to level 68 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and approaching the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. The Yen is retesting and finding penetration difficult at the recent high of $154.13. The price is consolidating below the resistance level. On April 29 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that GBP/JPY is likely to rise to level 1.618 Fibonacci extension or the high of $154.29.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/JPY
The GBP/JPY pair is in an upward move. The pair rebounded above level 152.0 to break the resistance at $153. The upward move is likely as price is above the moving averages. According to the Fibonacci tool analysis, the market will rise to a level.

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.