GBP/JPY Is in a Downward Correction, Battles He Resistance at Level 155.00

2 July 2021 | Updated: 2 July 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
GBP/JPY pair is in an uptrend. The currency pair has fallen below the moving averages twice. The Pound was repelled twice at levels 156 and 155 before the resumption of a downward move. GBP/JPY pair is struggling to sustain above the moving averages. A break above the moving averages will accelerate price movement on the upside.

 

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
GBP/JPY pair is at level 47 of the Relative Strength Index period 14. This indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The uptrend will continue if the pair remains above the moving averages.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a sideways move below level 155. The pair is making an upward move to the previous highs. On July 1 uptrend, a retraced candle body tested the 61.8% retracement level. The retracement indicates that the Pound will rise to level 1.618 Fibonacci extension or level 154.72.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The currency 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 down indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is rising after the recent breakdown. According to the Fibonacci tool analysis, the Pound will rise to level 1.618 Fibonacci extension or level 154.72.


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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.