GBPJPY to Further Upside Traction Towards 135.00 Level With Caution for Aggressive Buyers

GBPJPY Price Analysis – September 27

GBPJPY is continuing the rebound off the mid 134.00 level but on slower momentum, to further upside traction towards 135.00 level with caution for aggressive buyers. Hence, any subsequent move up might still be seen as an opportunity for sellers courtesy of the coronavirus resurgence-led new restrictions.

Key Levels
Resistance Levels: 147.95, 142.71, 136.62
Support Levels: 133.04, 131.75, 129.29
GBPJPY Long term Trend: Ranging
In the wider context, the increase from the level of 123.99 is only seen as a growing stage of the sideway consolidation trend from the level of 122.75 (low). As long as the level of resistance is 147.95, an inevitable downside breakout stays in order.

Even so, the firm breach of the 147.95 marks may increase the probability of a bullish long-term reversal. For validation, the emphasis may then be switched to a 156.59 resistance level. Investors may halt its push at the support level of 133.04 and then at the level of 131.75 if the pair reverses back to the downside.
GBPJPY Short term Trend: Bearish
Last week, GBPJPY drifted lower to 133.04 level but has since shifted sideways. For certain consolidations, initial bias holds firm this week. As long as the resistance level of 136.62 holds, a further decline is anticipated.

The decline from 142.71 level and aim 61.8 percent retracement from 123.99 to 142.71 at 131.75 level may continue the breaking of 133.04 level on the downside. Nevertheless, for larger recovery, the firm breach of 136.62 level may suggest short-term bottoming and switch bias back to the upside.

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