GBP/JPY Resumes a Fresh Uptrend After Falling to the Low of Level 148.52

GBP/JPY Resumes a Fresh Uptrend After Falling to the Low of Level 148.52

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 uptrend is ongoing even though the stochastic has indicated an overbought condition of the market. The Yen has resumed a fresh uptrend at the low of 148.52. The Yen will continue to rise as the Relative Strength Index approaches the overbought region.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair is at level 61 of the Relative Strength Index period 14. This indicates that the pair is in the uptrend zone and has limited room to rally on the uptrend. The 21-day and 50-day SMAs are sloping upward.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the upward move is well pronounced as the Yen trades in the overbought region of the market. On April 2 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement level indicates that the Yen will rise to level 2.0 Fibonacci extensions or level 154.10.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is above the 80% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/JPY
The GBP/JPY has been trading above the 80% range of the daily stochastic since March 25. The Yen has resumed a fresh uptrend after the retracement. According to the Fibonacci tool, the currency pair will rise to level 2.0 Fibonacci extension or level 154.10.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.