GBPJPY Falls to Fresh Lows, Bounce off Around 127.00 Level

GBPJPY Price Analysis – March 18

The GBPJPY cross falls to fresh lows, about the current session-level of 127.00, although some levels have been recovered later. The new optimism over Tuesday’s £330 billion stimulus package from the UK government has been largely offset by increasing worries about the coronavirus pandemic’s economic effects.

Key Levels
Resistance Levels: 148.66,144.95, 138.68
Support Levels: 132.58, 130.49, 126.54

GBPJPY Long term Trend: Bearish

The new development in the larger structure suggests that market behavior at 122.75 (low) level is simply an external consolidation model. The greater downtrend from the level of 195.86 (high) is not yet complete.

A break of the level of 126.54 may indicate that the downtrend is resuming to a low level of 122.75. Meanwhile, the trend may remain bearish in case of recovery.

GBPJPY Short term Trend: Bearish

GBPJPY’s fall from the level of 147.95 is still ongoing, and the intraday bias remains at the bottom for retesting the low level of 126.54.

To indicate a short-term fall, breaking through the resistance level of 134.31 is necessary from the upper side. Otherwise, in case of recovery, the model may remain bearish.

Instrument: GBPJPY
Order: Sell
Entry price: 128.58
Stop: 130.49
Target: 126.54

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