GBPJPY Bulls Return Past Level at 138.00 After Consecutive 5 Days Upside Traction
Azeez Mustapha
GBPJPY Price Analysis – August 2
After 5 days of non-stop upside momentum, the GBPJPY cross returns past 138.00 marks in the prior session, with bulls now eyeing a step to taking back the June 5 mid-139.00 mark. The JPY may find buyers if COVID-19’s second wave continues to climb in speed. The spike was backed by the firm tone of the demand around the British pound and the dwindling demand for the Japanese yen safe-haven.
Key Levels
Resistance Levels: 144.95, 141.24, 139.74
Support Levels: 136.62, 131.75, 129.29
The GBPJPY cross has been trending higher, from a technical viewpoint, in a one-month ascending path. Since the GBP seems to have very little signs of bullish burnout, the trend may boost the cross toward the channel resistance, presently close to the region at 139.74 level.
In the wider view, an increase from level 123.99 is seen as an increase from level 122.75 (low) of the horizontal consolidation trend. As long as resistance level 144.95 holds, there remains an eventual downside breakout in favor. A strong breach of 144.95 level, therefore, may increase the risk of bullish long-term reversal.
GBPJPY grew to a level of 139.20 last week as an increase from a level of 131.75 continued. This week’s initial bias persists on the upside for the first resistance level of 139.74. A break may restore the entire increase from level 123.99 and reach a 100 percent forecast of 123.99 to level 135.76 from level 129.29 to level 141.24.
On the contrary, to suggest short term topping, breakage of 136.62 resistance turned support level is required. Then in the event of retreat, the forecast may stay moderately bullish. The emphasis would then be shifted to verifying upside resistance levels.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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