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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 has resumed an upward move after breaking the resistance at $152.00. In the previous price action, the currency pair has been in a sideways trend since March 11. Today, the uptrend has reached level 154.80. The uptrend is retesting the resistance at level 155.00. On April 6, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement implies that the currency pair will rise to level 2.618 Fibonacci extension or level 161.13.
Daily Chart Indicators Reading:
The pair is at level 66 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone but it is approaching the oversold region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The pair has a bullish crossover. The 21-day SMA crosses over the 50-day SMA.
GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a smooth uptrend. The uptrend is facing resistance at level 155.00. On May 19, the pair faced rejection at the resistance zone as price fell to level 153.50.
4-hour Chart Indicators Reading
The GBP/JPY pair is above the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upwardly indicating the uptrend.
General Outlook for GBP/JPY
The GBP/JPY pair has risen to level 154.80. The uptrend is currently facing resistance at level 155.00. The currency pair is currently consolidating below the resistance level. The current uptrend is likely to subside as it approaches the overbought region.
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