GBPJPY Prepares to Slide Further to Fresh May Lows Beneath the 130.00 Threshold

GBPJPY Prepares to Slide Further to Fresh May Lows Beneath the 130.00 Threshold

GBPJPY Price Analysis – May 17

GBPJPY turnaround from highs beyond 133.00 level earlier in the previous week has continued to slide further down to fresh May lows beneath the threshold of 130.00 where the FX pair may find buyersAt the end of the weekthe pair depreciated about 1.17 percentoverwhelmed by investors concerning the effect of COVID19 on the UK economy and fears of Brexit.

Key Levels
Resistance Levels147.95139.18135.76
Support Levels128.58126.54123.99

GBPJPY Long term TrendRanging
In
 the larger sense122.75 (lowlevel price activities are primarily a horizontal consolidation trendwhich has been finished at level 147.95The broader downward trend from level 195.86 (highand that from level 251.09 (highare anticipated to continue.

A 122.75 level break may reach 195.86 to 122.75 levels with an estimate of 61.8 percent from 147.95 to 102.76 levels nextThe trend may in some scenarios stay bearish as long as the resistance level of 147.95 remains intact.GBPJPY Short term TrendBearish
The fall of GBPJPY continued last week to close at a level of 129.55 as seen on tradingviewThe progression reinforced the perception that at 135.76 level corrective recovery from 123.99 level as seen on the daily chart has been finishedThe initial bias remains on the downside this new week at 128.58 level for a 61.8 percent retracement from 123.99 to 135.76 levels.

There the forceful split may also approach a low level 123.99 testOn the contraryneutral intraday bias may first shift beyond the slight resistance level of 131.90Bears stay in complete charge of GBPJPY and thus should anticipate more price weakness.

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