GBPJPY Is Restricted Within a Tight Trading Range as Buyers Attempt to Seize Control Again

GBPJPY Price Analysis – October 30

The FX pair is seeing a slight upward momentum at the beginning of the European session with the GBPJPY inching towards the upper zone to test the horizontal line on the level at 141.50. Currently, the pair is attempting to break out from its tight trading range to the upside.

Key Levels

Resistance Levels: 148.66, 146.57, 144.51

Support Levels: 135.49, 130.44, 126.54

GBPJPY Long term Trend: Bullish

In the daily picture, the consolidation structure from the level at 126.54 (low) is still forming with an upward advance from the level at 130.44 in full activity. However, a further advance may be seen back to the level at 146.57/148.66 resistance area.

Although, a solid resistance from here may likely suffice to limit the upside. And whereas this scenario may stay as the most anticipated setting as long as the level at 130.44 support holds. The overall outlook is bullish, displaying an intact uptrend in the long-term.

GBPJPY Short term Trend: Ranging

On the flip side, the intraday bias in the GBPJPY stays neutral in the current session except otherwise and the consolidation from the level at 141.50 may extend in a range like a manner.

Meanwhile next, a subsequent plunge may not be ruled out, however, the downside may be contained above the level at 135.49 resistance turned support to initiate another resumption of the uptrend.

Instrument: GBPJPY
Order: Buy
Entry price: 140.07
Stop: 130.44
Target: 146.57

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