GBPJPY Price Analysis – July 1
In the last hour, the GBPJPY progressed to its highest level in two weeks at a level of 134.22 and was last seen exchanging at a level of 134.05, increasing 0.17 percent per day. Vastly improved market sentiment during the American session has found it challenging for the JPY to find a safe – haven demand. The US releases optimistic macroeconomic data that ignited expectations of global economic growth.
Key Levels
Resistance Levels: 147.95, 139.74, 136.35
Support Levels: 131.90, 129.29, 123.99
GBPJPY Long term Trend: Ranging
In the broader context, we see market behavior as a horizontal consolidation trend from 122.75 (low) level. As long as resistance level 147.95 holds, there is a potential downside breakout likely.
A resolute breach of 147.95 level, nonetheless, may increase the risk of bullish long-term reversal. Once bulls succeed in crushing past-135.00 level, the preferred target maybe June 16 high near 136.35/40 levels. The emphasis would then be shifted towards confirmation of resistance at 156.59 level.
GBPJPY Short term Trend: Bearish
Following the earlier plunge, GBPJPY has struggled to smash through a 131.90 minor support level. Initially, the intraday bias stays neutral and further price action may continue to retrace. On the downside, breach of level 131.90 may restart the descent from support level 139.74 for 129.29 level.
The definitive breach from 123.99 levels there would mark the end of the rebound. Retesting 123.99 low levels may be seen as a further plunge. Nevertheless, a firm breach of 133.79 level will now suggest a short-term bottom and return to the upside for 136.35 fresh high and initial resistance level.
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