GBPJPY Is Moving Towards a Sideways Trend for the Umpteenth Time

GBPJPY Price Analysis -November 20

During the last one month, the GBPJPY’s price has traded on the upside between the horizontal level at 141.50 and the level at 138.88 while testing the top and the bottom of the formed channel in a sideways trend. However, in today’s trading session, the FX pair has broken below Tuesdays low.

Key Levels
Resistance Levels: 148.66, 146.57, 141.50
Support Levels: 138.88, 135.49, 126.54

GBPJPY Long term Trend: Bullish

By and large, the GBPJPY pair may most likely continue to edge lower within this session. The potential target will be near term targets on the level at 138.88. In the longer term, the consolidation structure from the level at 126.54 (low) is still in progress.

A further advance may be seen back to the level at 146.57/148.66 resistance zone. And currently, there is an anticipation of a solid resistance from there to contain its advance. While this may stay intact as the likely scenario as long as the level at 135.49 resistance turned support remains.

GBPJPY Short term Trend: Ranging

In spite of a strong opening, the market may close below the prior day’s open and close, forming a bearish pattern. Meanwhile, the intraday bias in GBPJPY stays neutral and further advance is possible with the level at 139.36 near term support intact.

The firm break of the level at 141.50 may further the advance from the level at 136.44 and target horizontal zone resistance (now at 146.57). However, a break of the level at 139.36 may shift bias to the downside for a further retracement to the level at 135.49 resistance turned support.

Instrument: GBPJPY
Order: Buy
Entry price: 139.36
Stop: 136.44
Target: 146.57