GBPJPY Price Analysis – November 13
GBPJPY is trending within the prior day’s range after its unable to build on its gains recent gains as the sellers tried to take advantage and may end the day below its opening price but in a lackluster momentum.
Resistance Levels: 148.66, 146.57, 141.50
Support Levels: 135.49, 130.44, 126.54
GBPJPY Long term Trend: Bullish
In the daily picture, the consolidating structure from the level at 126.54 (low) remains in a formative stage with the advance from the level at 130.44 as the second stage. However, a further advance may be recorded back to the level at 146.57/148.66 resistance.
Meanwhile, for the current scenario, solid resistance from here expects to restrain the upward advance. Although, this may stay as the favored scenario for as long as the level at 135.45 resistance turned support remains.
GBPJPY Short term Trend: Ranging
On the flip side of the 4-hour time frame, the intraday bias of the FX pair stays neutral as the consolidation from the level at 141.50 is extending. Whereas a deeper plunge here may not be out of consideration.
Nevertheless, the downward momentum may be contained above the level at 135.49 resistance turned support to bring about another bounce upside where the break of the level at 141.50 may reactivate the advance from the level at 126.54 towards the 148.66 key resistance.
Entry price: 135.49
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.