GBPJPY Stays Constrained Beneath 142.00 Level As COVID-19 Fears in the UK Weigh On

GBPJPY Stays Constrained Beneath 142.00 Level As COVID-19 Fears in the UK Weigh On

GBPJPY Price Analysis – January 24

GBPJPY is confronted with sellers’ pressure as it stays constrained beneath 142.00 level and exited the prior session at around the 141.96 marks. The pair dumps after being weighed by the ongoing uncertainty about COVID-19 resurgence adding negative pressure to the pound sterling.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 140.31, 138.00, 137.00
GBPJPY Long term Trend: Ranging
In light of the recent price action, GBPJPY is expected to face important support in the 141.21/141.00 range. The price action has so far left a wick that on the daily time frames would be expected to be filled in by a bearish price plunge towards 141.51 level.

In the larger context, the increase from the 123.99 level is seen as a rising phase of the sideway ranging trend from 122.75 (low) level. As long as the 147.95 resistance level holds, an eventual downside breakout stays in consideration. However, a firm breach of the 147.95 level may increase the chance of long term bullish reversal.
GBPJPY Short term Trend: Bullish
As seen in the 4-hour timeframe, the GBPJPY bounced strongly last week but failed to break through the resistance level of 140.71. Initial sentiment remains neutral this week. On the other hand, a solid breach of 140.71 could initiate a rough bounce off 139.47 to retest the high of 141.71.

On the other hand, a breach of 138.00 could initially reverse the downtrend for the 137.00 support. However, bears are less likely to enter unless they witness a clear breach beneath the ascending trendline support and confluence around 139.00.

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GBPJPY Attempts Upside Advance Beyond 142.33 Level on UK’s Vaccine Rollout Optimism

GBPJPY Attempts Upside Advance Beyond 142.33 Level on UK’s Vaccine Rollout Optimism

GBPJPY Price Analysis – January 20

GBPJPY’s upside march attempts to advance beyond the 142.33 level with a strong impulse to test the higher barrier at
142.71 level. The optimism about the UK’s vaccine campaign and lower cases is strengthening the case for stability in Pounds Sterling.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 140.31, 137.00, 134.40
GBPJPY Long term Trend: Bullish
The GBPJPY pair has already rebounded from the weekly low of 140.35 to 142.33 levels as of today’s session and may lift further. Nonetheless, the horizontal resistance level currently around 142.26, followed by the 142.71 thresholds, challenges the GBPJPY bulls. However, bears are less likely to enter unless witnessing a clear breach beneath the moving average 13 around 141.00 level.

In the larger context, the increase from the 123.99 level is seen as an advancing phase of the sideway range trend from the 122.75 (low) level. As long as the 147.95 resistance level holds, an eventual downside breakout stays in consideration. Nevertheless, the eventual breach of 147.95 may increase the likelihood of long term bullish reversal.
GBPJPY Short term Trend: Bullish
GBPJPY edged higher to 142.25 level last week but upside traction has been very unconvincing. Meanwhile, a sustained increase is mildly in support as long as the 140.31 support level stays intact. The present recovery from 133.04 level may aim for a test on 142.71 high level.

On the downside, however, the breach of 138.00 level may argue that the trend from 142.71 level is starting another falling phase. Intraday bias may be altered back to the downside for 134.40 support level and beneath.

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GBPJPY sells still in play

GBPJPY sells still in play

Our short trade idea form last week is running great but at today’s open price started to trade down to a massive key level in the short term. The 141.60 is the end of wave 1 AND wave 4 in the former bullish structure that we traded the reversal on. This means that there will be a lot of buyers at this level.

We are trade below the POC of the last move up and should price break with this level we see the possibility of retesting the lows of the range.

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GBPJPY To Retain Upside Traction Beyond Mid 140.00 Level Despite Lockdown Concerns

GBPJPY To Retain Upside Traction Beyond Mid 140.00 Level Despite Lockdown Concerns

GBPJPY Price Analysis – January 10

In the new week, GBPJPY is likely to retain its upside traction beyond the mid 140.00 level while endorsing positive price action. Earlier GBPJPY has been on the back foot with GBP struggling on lockdown concerns.

Key Levels
Resistance Levels: 145.00, 142.71, 141.21
Support Levels: 139.47, 138.00, 137.00
GBPJPY Long term Trend: Ranging
The technical indicators on the daily chart have continued gaining momentum and support the prospects to retain upside traction beyond the mid 140.00 level. A subsequent move to swing highs around 141.27 remains in place and, on the other hand, another move to swing lows around 139.47 in the event of a fall looks very likely.

Meanwhile, any significant pullback could be seen as a buying opportunity around 139.00. Failure to protect said support will exacerbate a strong barrier near current levels and leave the GBPJPY cross vulnerable to an accelerated slide towards 138.38.
GBPJPY Short term Trend: Ranging
As can be seen from the shorter timeframe, the overall trend in GBPJPY has changed slightly as further advance is expected to be moderate with minor support at 139.47 remaining. An unstable rally from 137.00 should target the 141.21 high. However, a plunge beneath 139.47 could change the short-term bearish trend to a steeper drop below 138.00.

Near the bottom edge, there is support for the uptrend line at 137.00. A break below this level will open the door, technically speaking, to a move back to the 136.00 areas and then to the psychological 133.03 level (the latter being the bottom of the aforementioned recent range).

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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GBPJPY retesting the top of the range

GBPJPY retesting the top of the range

The Pound-Yen is retesting for the third time a key level at the end of a bullish structure. This structure has hit short term bullish targets at the top of the range printing an important bearish divergence.
This level is very important because it was the level that held price for 90 days (Nov 2019 – Feb. 2020) before a 1765 pip move to the downside (-12.50%). This is a range play but should price break with the lows of the range we could see price test the 137.80

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Author : Orlando Gutierrez