GBPJPY Continues With Positive Traction for the Third Consecutive Session Towards 136.62 Level

GBPJPY Continues With Positive Traction for the Third Consecutive Session Towards 136.62 Level

GBPJPY Price Analysis – July 29

The GBPJPY cross-moved higher for the third consecutive day and soared into the American session on Wednesday near close one-week highs, around the 136.45 level during the European session. Ultimately, inside the channel that contained the price action, the pair continues to exchange so we would hence consider the near-term outlook to be optimistic.

Key Levels
Resistance Levels: 144.95, 139.74, 136.62
Support Levels: 134.12, 131.75, 129.29
GBPJPY Long term Trend: Ranging
Daily analysis stays mixed (the moving average of 5 and 13 is in bullish setup but the bullish momentum is weakening and its RSI heads south) missing a stronger directional signal but also holding the risk of deeper break-down beneath the moving average of 13 at 135.45 level and trendline support at 134.50 level.

As long as resistance level 147.95 holds, there is the potential downside breakout in favor. A strong breach of 147.95 level, therefore, would increase the risk of bullish long-term reversal. The attention is then shifted to a resistance level of 156.59 for confirmation.
GBPJPY Short term Trend: Bullish
At this point, the intraday bias in GBPJPY stays on the upside. More rally may linger in support as long as it holds a support level of 134.12. On the upside, the turnaround from 131.75 to 139.74 high level may continue breach of 136.62 level. However, a strong breach of 134.12 level indicates a conclusion of the 131.75 level rebound.

Looking at the short-term oscillators, we see that the RSI has recovered from nearly 50 lines, while the 4-hour moving averages tend to be marginally positive, still at 136.62 levels and quite close to the high.

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