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.
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.
Entry price: 139.36
- Min Deposit
- Visit Broker
- Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
- Zero commissions and no bank fees on transactions
- Around the clock service with support in 14 languages
- Trusted provider
- Large amount of assets available
- Secure payment methods
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.