GBPJPY Rebounds From Fresh Lows of 133.00 Zone Despite Weakness

GBPJPY Rebounds From Fresh Lows of 133.00 Zone Despite Weakness

GBPJPY Price Analysis – September 23

The GBPJPY cross once again showed some resilience below the level of the 134.00 as it moves up and staged a goodish rebound from fresh lows of the 133.00 zone. The cross rallied around 80 pips from daily swing lows, albeit seemed struggling to capitalize on the momentum.

Key Levels
Resistance Levels: 147.95, 142.71, 138.38
Support Levels: 133.04, 131.75, 129.29
GBPJPY Long term Trend: Ranging
On the daily, the lack of any strong follow-through buying suggests that the medium to long term bearish pressure might still be far from being over. Hence, any subsequent move up might still be seen as a selling opportunity and remain capped near the 134.12-135.00 horizontal resistance levels.

As long as the 147.95 resistance level holds, an eventual downside breakout remains in favor. However, a firm break of 147.95 will raise the chance of long term bullish reversal. The focus will then be turned to the 156.59 resistance level for confirmation.
GBPJPY Short term Trend: Bearish
GBPJPY’s fall from 142.71 level is still in growth and intraday bias remains on the downside. As observed earlier, the entire corrective rebound from the 123.99 level might have resolved at 142.71 level. Technical indicators on the 4-hour chart, nonetheless, nevertheless lead to a recovery from over-selling conditions.

Besides that, at 131.75 levels next, a steeper decline may be seen at 61.8 percent retracement from 123.99 to 142.71 levels. Until initiating another decline, on the upside, beyond 135.74 minor resistance level may switch bias neutral and trigger consolidations.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.