GBPJPY Ends Pull Back Above 132.00 Level As Bias Shift Upwards

GBPJPY Price Analysis – May 27

The currency pair of GBPJPY is up nearly 1.5 percent from the previous session. But in today’s session the pair retains the upside push. The gains follow after buyers moved the bias that had been established in previous sessions upward. This is confirmed with prices that push through the 132.58 barrier mark.

Key levels
Resistance Levels: 147.95, 138.68, 135.00
Support Levels: 131.90, 126.54, 123.99

GBPJPY Long term Trend: Ranging
In the larger sense, 123.99 (low) level price acts are merely a horizontal consolidation trend, which has been accomplished at level 147.95. The larger downward trend from level 195.86 (high) and that from level 251.09 (high) are likely to restart.

A low-level break of 123.99 would target an estimate of 61.8 percent of 195.86 to 122.75 levels from the next level of 147.95. In either scenario, the trend may stay bearish as long as it holds a level of resistance of 147.95.

GBPJPY Short term Trend: Ranging
At this point, the intraday bias in GBPJPY stays on the upside. A correction from level 135.76 may have been accomplished, but might be restored from level 123.99. A further improvement may be seen up to the next level of resistance of 135.76.

However, on the contrary, a breach of 130.67 support level may alter intraday bias to the downside for a 61.8 percent retraction of 123.99 to 135.76 levels at 128.58 level.

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