GBP/JPY Retraces To Level 150.00 Support, Uptrend Likely

GBP/JPY Retraces To Level 150.00 Support, Uptrend Likely

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
The GBP/JPY is in a smooth uptrend. The pair is presently retracing because the market has reached the overbought region. However, the Yen has been trading in the overbought since February 5. The price has been fluctuating on the upside between levels 70 and 83 of the Relative Strength Index period 14.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 80 of the Relative Strength Index period 14. This indicates that the market has reached the overbought region. The price has not enough room to rally on the upside.

GBP/JPY Medium-term Trend: Bullish
On the 2-hour chart, the pair is in an upward move. On March 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level indicates that the Yen is likely to fall to level 1.272 Fibonacci extensions or level 150.98 and reverse.

GBP/JPY – 2 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 40% range of the daily stochastic. The market is in a bearish momentum. The SMAs are sloping upward indicating an uptrend.

General Outlook for GBP/JPY
The GBP/JPY is trading in the overbought region. The Yen is making a minor resistance after the recent high. The pair has fluctuating above level 151.00. The Fibonacci tool has indicated a possible reversal above level 150.98.

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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.