GBPJPY Attempts to Retain Rebound From 135.80 Level As Upside Prospect Stays Range-Bound

GBPJPY Price Analysis – July 22

GBPJPY is among the highest-rated crosses, as today’s buyers are rallying 40 pips from the open price close to a prior barrier. GBPJPY ranges from 136.35 to 135.28 levels during Wednesday’s initial European session trading into the American session.


Key Levels
Resistance Levels: 147.95, 139.74, 136.44
Support Levels: 134.12, 131.75, 129.29
GBPJPY Long term Trend: Ranging
Technical indicators on broader timeframe charts are blinking buy signals. Therefore, during this session, bulls are inclined to swing the exchange rate past the level of resistance at 136.44.

So long so resistance level 147.95 holds, there seems to be a potential downside breakout in consideration. A strong breach of 147.95 level, nevertheless, may increase the risk of bullish long-term reversal. Validation of the target would then be shifted to the resistance level 156.59.
GBPJPY Short term Trend: Bullish
The surge of GBPJPY lost traction earlier reaching the level at 136.44 and intraday bias initially shifted neutral. More increase may stay in consideration as long as it maintains a support level of 134.12. The 136.44 level breach may restart the recovery from level 131.75 to high-level retest at 139.74.

The strong breach of 134.12 level, nevertheless, may imply completing the recovery and turning bias back to the downside. It’s important to note that the pound also undoubtedly gains from a stable euro.

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