GBPJPY Finds a Clear Path Amidst the End of Year Lackluster Trading

GBPJPY Price Analysis – December 25

GBPJPY patterns are near 141.60 level toward the start of Tuesday. The pair overlooks the recently released October minutes of the Bank of Japan’s monetary policy meeting, as worries over trade deal and Brexit hold the Japanese yen (JPY) generally more grounded than the British pound (GBP).

Key Levels
Resistance Levels: 148.66, 146.81, 143.86
Support Levels: 140.83, 130.49, 126.54

GBPJPY Long term Trend: Bullish

The British pound rebounded slightly during the trading session on Tuesday, as the market found little support at the trendline level of 141.50, but then reversed slightly since we are at the top of the previous trendline of the bull trend.

Now that we are there, it is likely that the market may try to pull together and reach the level of 145.00 on the moving average 5 handles in the next, and possibly even further.

GBPJPY Short term Trend: Ranging

The bias at 143.86 level of insignificant resistance remains unchanged, a further decline in favor of GBPJPY is insignificant. A fall from the level at 147.95 corrects the entire rally from the level at 126.54 and may aim part of the restoration of the level from 126.54 to 147.95 at 140.83.

On the other hand, above the level of 143.86, insignificant resistance can shift the slope upward for repeated testing of the level at a maximum of 147.95 level.

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