GBPJPY Maintains a Positive Outlook While Consolidating Past the Level at 143.00

GBPJPY Price Analysis – January 15

The currency pair confirmed its mood, trading in the lateral range this week, changing slightly to close, the trend signals remain weak, but modest growth in Asia into the European session today forced buyers and sellers to act cautiously, and the forecast for Wednesday is modestly mixed.

Key Levels
Resistance Levels: 148.66, 147.95, 144.36
Support Levels: 142.00, 139.31, 126.54

GBPJPY Long term Trend: Ranging

In a larger structure, an increase from the level of 126.54 can occur either of consolidation from the low, or with the start of a new uptrend. In any case, a further rally is expected, while the support level of 139.31 stays in the resistance zone of 148.66 / 150.00.

A reaction from there can reveal in which case it should be. However, a steady breakthrough of the support level of 139.31 may weaken this scenario and, in the first place, change the long-term neutral trend.

GBPJPY Short term Trend: Ranging

GBPJPY’s intraday bias stays neutral at this point. However, the correction from the level of 147.95 may continue. But in the event of another plunge, its lower side may be limited by the level of 139.31 (partial restoration of the level of 126.54 – 147.95 and 140.81) to start a rebound.

On the other hand, overcoming the level of 144.36 may lead to a re-testing of the resistance level of 147.95. Although a steady breakthrough of the level at 140.81 may pave the way for the recovery of a part on the level of 139.31.

Instrument: GBPJPY
Order: Buy
Entry price: 143.00
Stop: 142.68
Target: 144.36

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