GBP/JPY Continues Its Range-Bound Move, Battles Resistance at Level 152.50

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

GBP/JPY Price Long-term Trend: Ranging
GBP/JPY is presently in a sideways trend. The pair is presently rising to retest the resistance at level 152.50. The next resistance will be retested if level 152.50 is breached. 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 160.97.

Daily Chart Indicators Reading:
GBP/JPY has risen to level 59 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and above the centerline 50. 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 a sideways move. The pair retested the resistance at $152.00 twice but was repelled. 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 $154.43.

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 60% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move.

General Outlook for GBP/JPY
The GBP/JPY pair is still retesting the resistance at level 152.50. According to the Fibonacci tool, the pair is likely to resume up trending. The market is expected to reach level 2.618 Fibonacci extension or the high of $160.97.


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