GBPJPY Attempts to Resume Upside Trajectory Capped Beneath 141.00 Level

GBPJPY Price Analysis – August 30

The GBPJPY cross continued its rapid intraday drawdown from six-month highs and fell further beneath the 141.00 marks, nearer back to the lower end of its prior daily trading range. The pair added to the gains from the prior week and continued shifting upwards as its attempt to resume upside trajectory is capped beneath level 141.00.

Key Levels
Resistance Levels: 147.95, 144.95, 141.61
Support Levels: 137.84, 135.74, 134.12
GBPJPY Long term Trend: Bullish
In the wider sense, an increase from level 123.99 is also seen as a rise from level 122.75 (low) of the sideway consolidation trend. As long as resistance level 147.95 holds, there remains a potential downside breakout in support.

Since late February, the GBPJPY cross-shot to the highest level but lost traction near the region of 141.60. A steady breach of 147.95 marks, nevertheless, may increase the risk of a long-term bullish reversal. Validation would then transform the attention to a resistance level of 156.59.
GBPJPY Short term Trend: Bullish
The GBPJPY rally revived last week and reached a high of 141.62 level. In the event of retreat, a further increase can be seen as long as 138.24 support levels remain. Sustained 100% forecast shift of 123.99 to 135.74 levels from 129.29 to 141.07 levels sets the stage for a forecast of 161.8% at 148.36 level.

Moreover, short-term oscillators support an enhanced image. In the positive area, the MA 5 red line spends some time, and it’s above the blue MA 13 signal line, while the RSI is striving to ascend over the 60 marks.

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