GBP/JPY Resumes Uptrend but Faces Rejection at Level 151.54

GBP/JPY Resumes Uptrend but Faces Rejection at Level 151.54

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 has been rising for the past two days. In the previous week, the uptrend was interrupted at the resistance of 152.55. This causes the market to decline to the low of $148.52. The Yen has risen to revisit the previous high. Presently, the pair has been trading in the overbought region of the market.

GBP/USD – Daily Chart

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

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is rising on the upside at the time of writing. However, the pair is facing rejection at the high of level 151.54. On March 26 uptrend, the Yen rose to level 151.54 but was resisted. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level indicates that the Yen will rise but reverse at level 1.272 Fibonacci extensions or level 151.92.

GBP/USD – 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 resumed an upward move after the retracement. The Yen is still trading in the overbought region. The market will soon face another rejection as price approaches the previous highs.


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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.