GBPJPY Extends Gains While Breaking Past the Level at 144.36

GBPJPY Extends Gains While Breaking Past the Level at 144.36

GBPJPY Price Analysis – January 22

The Fx pair is bullish after the weakening of the Japanese yen and the strengthening of sterling. Although the GBPJPY remains moderately changed, trading around 144.36 level during the Asian session into the European session. The pair struggled between optimistic news and widespread risk aversion of the prior day.

Key Levels
Resistance Levels: 148.66, 147.95, 146.81
Support Levels: 140.81, 135.49, 126.54

GBPJPY Long term Trend: Bullish

Technically, the GBPJPY pair faced key resistance on the level at 144.36, which contained pressure on the GBPJPY pair.

But the recent bullish breakout at this level can now extend the bullish trend to 146.81 level in the next session. However, a sustained breakout of support level 139.31 may weaken this scenario and initially change the long-term to neutral trend.

GBPJPY Short term Trend: Ranging

GBPJPY’s intraday bias remains neutral and the trend does not change. The correction from the level of 147.95 stands for a continued decline.

However, a breakthrough of the level at 140.81 may come close to a partial rollback of the level from 126.54 to 147.95 at 139.31. On the other hand, a break of the level at 146.81 may change the bias towards the upside to re-test the level at a high of 147.95 level.

Instrument: GBPJPY
Order: Buy
Entrance Price: 143.86
Stop: 143.00
Target: 146.81

Note: Learn2Trade.com 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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.