GBPJPY Is Trading Near Its Highest Levels Past 137.00 As Brexit and US Riots Remain in Focus

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GBPJPY Price Analysis – June 3

GBPJPY holds offers past the level at 137.00, up 0.5 percent on a day, during the American opening hour on Wednesday. While trade perception appears to diminish during U.S. civil unrest, Brexit-positive news, combined with the UK government’s hopes for further stimulus, appears to favor the off-late quote.

Key Levels
Resistance Levels: 147.95, 141.24, 138.68
Support Levels: 135.76, 129.29, 123.99

GBPJPY Long term Trend: Ranging
GBPJPY’s rally had been underway and has already hit a forecast of 61.8 percent from 129.29 to 135.76 at 137.00 levels. There is still no indication of topping. Intraday bias stands on the upside at 141.24 levels for a 100 percent forecast. On the downside, lower than the level of 135.76 minor support may first alter neutral intraday bias.

Overall, in the wider context, price actions from a level of 123.99 (low) are seen as a trend of consolidation sideways. The present scenario indicates it may expand with another phase growing. The firm break of level 123.99 may continue a wider downward trend from level 195.86 (high).

GBPJPY Short term Trend: Bullish
GBPJPY breached upwards while upsetting the highs of the month. The bulls took charge, and a split beyond the level of resistance of 137.00 leads to further advances towards the price level of 138.00. In contrast, support can be seen close to the price levels of 135.76, 135.00, and 133.45.

A two-month-old ascending trendline close to the level of 135.00 appears to limit the pair’s immediate downside. Also, the moving averages, currently close to 133.19 level, followed at 132.58 level by the horizontal support line may challenge the sellers during the fresh downtrend.

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