Breaking Major Resistance, GBPJPY Evolves from Prior Trading Range

GBPJPY Price Analysis – December 4

The British pound had recovered during Wednesday’s trading session, the British pound broke out against the Japanese yen, exceeding the horizontal limit zone on the level at 141.57. Because of this, the pair may continue to trend higher.

Key Levels
Resistance Levels: 148.66, 146.57, 143.52
Support Levels: 140.83, 135.49, 126.54

GBPJPY Long term Trend: Bullish

In the longer-term structure, the current increase of the level at 126.54 is viewed as that of a progressive pattern. A greater recovery may be recorded, but for now, there is the expectation of strong resistance of the level at 148.66 to contain the advance.

On the flip side, a negative side where the sustained breaking of the resistance of the level at 135.49 altered to support may suggest that such a rebound has been completed. An observation is viewed that a deeper decline may retest the level at 126.54 low.

GBPJPY Short term Trend: Bullish

The recovery of the GBPJPY pair resumed after a brief consolidation and so far reached the level at 142.78. The intraday bias is back up. The present advance from the level at 126.54 should point to the resistance of the trend line (now on the level at 143.52). The sustained break may pave the way to the key resistance of the level at 148.66.

Also on its flipside, the support break beneath the level at 140.83 may alter the intraday bias neutral initially. But the outlook may continue to be bullish as long as support on the level at 139.31 is maintained, in case of reversal.

Instrument: GBPJPY
Order: Buy
Entry price: 141.57
Stop: 139.31
Target: 148.66

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