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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 pair is in an uptrend. The pair is facing resistance at level 156.00. The market declines to level 152 after the rejection. This has caused the price to fall below the moving averages. The currency price has to break above the moving averages for the resumption of an upward move. The uptrend will be terminated if price fails to break above the moving averages.
Daily Chart Indicators Reading:
The pair is at level 46 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 downward move. The pair fell to level 151.00 after rejection from level 155.00. The current upward move is facing resistance as the market reaches the overbought region. The market is rising in the overbought region as price breaks above the 21-day SMA.
4-hour Chart Indicators Reading
The currency pair is above the 80% range of the daily stochastic. The market is in a bullish momentum. The pair is in the overbought region of the market. Sellers are likely to emerge to push prices down. 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. The upward move is restricted as the market reaches the overbought region. The uptrend resumption will commence as soon as price is above the moving averages.
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