GBPJPY Moves Further Past the Level of 1.3300 Recording Fresh High Trending North

GBPJPY Price Analysis – March 25

In the last four consecutive trading days, GBPJPY went north, while in today’s session the buying intensity around the British pound grabbed pace even in the last hour and pushed the Fx cross to an almost two-week high, further to the mid-13300s level.

Key Levels
Resistance Levels: 147.95, 138.68, 134.31
Support Levels: 127.54, 123.99, 122.75

GBPJPY Long term Trend: Bearish

On the daily chart, it suggests that the price finds its support around 123.99 level after being bearish and having a long surge. Ever since the price has bounced and it’s continued to move north.

The recent development in the larger structure indicates that market behavior at 122.75 (low) level is merely a horizontal consolidation trend which has been concluded at 147.95 level. The trend may in any scenario stay bearish as long as the level of resistance holds at 147.95.

GBPJPY Short term Trend: Ranging

The corrective progress of GBPJPY from the level of 123.99 is still underway, and a stronger rebound may be expected. But upside could be contained on the level at 134.31 by a retracement of 61.8 percent from 144.95 to 123.99 levels to bring about the continuance of the drop.

On the downside, breakage of 127.54 minor support level may initially alter bias back to the downside to re-test 123.99 low level.

Instrument: GBPJPY
Order: Buy
Entry price: 130.49
Stop: 127.54
Target: 133.39

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