GBPJPY Is Range Bound As Risks Pitched Tent With the Bears on 132.58 Level


GBPJPY Price Analysis – April 26

During the previous week, the GBPJPY pair rebounded to 133.67 level but slid back, indicating it wasn’t prepared for a bounce while at the same time rebounding from roughly 132.00 level. GBPJPY is trading in a range-bound as risks pitched tent with the bears at level 132.58 ahead of the opening today.

Key Levels
Resistance Levels: 147.95, 139.18, 135.76
Support Levels: 131.90, 126.54, 122.75

GBPJPY Long term Trend: Ranging

The daily chart reveals pitched tent risks with bears at level 132.58. A firm break beneath the level of 132.00 may leave the door open to further losses. The next obstacle comes up at level 130.60. It is trading vertically, within a range-bound with resistance in the 133.70-134.00 level threshold, and support in the 132.00 level.

In the wider sense, 122.75 (low) level price activities are primarily a vertical consolidation trend, that has been finished at level 147.95. The 122.75 level break may aim a 195.86 to 122.75 forecast of 61.8 percent from 147.95 to 102.76 levels next. The trend may in some scenarios stay bearish as long as the level of resistance stays intact at 147.95 level.

GBPJPY Short term Trend: Ranging

Last week’s plunge in GBPJPY suggests that the corrective recovery from level 123.99 has however ended at level 135.76. However, despite the creation of a temporary low at 131.90 level, the initial bias is a first neutral this week.

On the contrary, the break of level 131.90 may restart the decline from level 135.76 and attempt a retest at a low level of 123.99. On the progress, upside may be constrained at 135.76 level by a 61.8 percent retracement of 144.95 to 123.99 levels to usher in a near-term reversal in the scenario of a further rise.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.