GBPJPY Gains Traction for the 3rd Day in a Row Beyond 139.00 Level

GBPJPY Price Analysis – August 12

On Wednesday the GBPJPY pair advanced higher for the 3rd day in a row and was last seen trading just beneath mid-139.00s – the highest level since June 8. The Yen is known for its safe-haven qualities and the pound is a questionable bid in the face of worsening geopolitical threats and the dollar.

Key Levels
Resistance Levels: 144.95, 141.24, 139.74
Support Levels: 137.00, 134.12, 129.29
GBPJPY Long term Trend: Bullish
Interestingly, the daily structure stays bullish, if the pound weakness and support breaks, a low-level retest may be a possibility for short to align with the daily trend. On the opposite, the pair’s potential upside targets June month’s high of 139.74 level as initial resistance ahead of the threshold of 140.00 and a three-month-old ascending trend line near to 141.24 level.

So long as resistance level 147.95 holds, there is a potential downside breakout in support. A steady breach of 147.95 level, moreover, may increase the risk of a long-term bullish reversal. Validation of the target would then be shifted to a resistance level of 156.59.
GBPJPY Short term Trend: Bullish
Intraday bias in GBPJPY is home on the upside with a provisional high-level breach of 139.23. The firm breach of level 139.74 may restart the entire increase from level 123.94. The next aim would be a 100 percent 123.99 to 135.76 level forecast from 129.29 to 141.24 levels.

The breach of 137.00 support level also will suggest short-term topping on the downside through. Intraday bias should be reversed to the downside to extend the consolidation trend from level 139.74.

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