GBP/JPY Faces Rejection at Level 148.000, Upward Move Is Unlikely

Azeez Mustapha
19 February 2021 | Updated: 19 February 2021

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
The GBP/JPY is in a smooth uptrend. The pair is now approaching level 148.000 to break above it. Unfortunately, for the past four days, the bulls have not been able to break above the recent high. The pair has been compelled to a sideways move below level 148.000 resistance. The uptrend will resume if price breaks the recent high.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 76 of the Relative Strength Index period 14. This indicates that the market has reached the overbought region. The price has not enough room to rally on the upside. The price bounces above the trend line to resume an upward move.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. It has risen to the overbought region of the market. On February 16 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will rise to level 1.272 Fibonacci extensions or level 148.35.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in the overbought region of the market. The SMAs are sloping upward indicating an uptrend.

General Outlook for GBP/JPY
The GBP/JPY appears to have reached the overbought region of the market. The RSI and the daily stochastic have all reached the overbought region of the market. According to the Fibonacci tool, the pair will reverse at level 1.272 extension or the high of 148.35. From the price action, the market is facing resistance at the 148.000 high

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.