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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 currency pair has broken above the previous resistance and moved on the upside. The market is declining because of the resistance at level 156.00. If price breaks below the moving averages, the downtrend will resume. The currency pair will fall to the previous low at level 150.00.
Daily Chart Indicators Reading:
The pair is at level 57 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. 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 Pound has been falling after rejection from the high of level 156.00. Meanwhile, on May 31 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement. The pair is likely to fall to level 2.618 Fibonacci extension or level 154.26. From the price action, the market has fallen to the Fibonacci level and reversed.
4-hour Chart Indicators Reading
The currency pair is above the 60% range of the daily stochastic. The market is in a bullish 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 retracement from the previous highs. The pair has broken above the 21-day SMA. The uptrend resumption will commence as soon as price is above the moving averages.
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