GBP/JPY Sustains Recent Rallies, Continues To Push on the Upside

GBP/JPY Sustains Recent Rallies, Continues To Push on the Upside

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 uptrend has been characterized by small body candlesticks. Yesterday, the price retraced to level 151.45 low as the market commenced the resumption of the uptrend. The pair is already in the overbought region of the market. The price movement is doubtful.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 74 of the Relative Strength Index period 14. This indicates that the market has reached the overbought region. Sellers are likely to emerge in the overbought region of the market.

GBP/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On March 18 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 151.15 and reverse.

GBP/JPY – 4 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 the previous uptrend.

General Outlook for GBP/JPY
The GBP/JPY is still rising on the upside. Yesterday, the pair retraced to resume the uptrend. The pair will continue to rise as long as the price is above the moving averages. However, the uptrend will be terminated if price breaks the trend line.


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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.