GBPJPY New Advance Evolves Above 135.00 Level Amid Upbeat Market Bias

GBPJPY Price Analysis – July 8

Given the current pullback, GBPJPY has succeeded in posting new advances above 135.00 levels amid bullish market bias while buyers retain the upside tone. The surge from the low level of 131.75 level has sustained a positive trend rising above the moving average of 5 and 13 thus trading at level 135.30.

Key Levels
Resistance Levels: 147.95, 139.74, 136.35
Support Levels: 133.79, 131.75,129.29
GBPJPY Long term Trend: Ranging
In the wider context, we view price activities as a horizontal consolidation trend from 122.75 (low) level. A possible downside breakout stays in favor as long as the level of resistance holds at 147.95.

Resolute break of 147.95 level, however, may increase the risk of bullish long-term reversal. The overall attention would then be transformed on the upside for validation to a resistance level of 156.59.
GBPJPY Short term Trend: Ranging
At this point, the intraday bias in GBPJPY stays on the upside. Recent status indicates that at level 131.75 the corrective pullback from 139.74 has been accomplished. A further increase to the resistance level of 136.35 may be seen initially.

The break validates and approaches a high level of 139.74. sOn the contrary, a breach of 133.79 minor support level conversely alter bias back to the downside for support level 131.75.

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