GBPJPY Thrusts Through Highs As the Key Barrier Stays Intact at 137.84 Level

GBPJPY Price Analysis – October 11

GBPJPY is notably higher for the third day in a row after completing the week 1.16 percent higher at 137.79 after gaining 61 pip trading at 137.73 level relatively unchanged on the day, having placed early Friday at a low of 136.79 level. It’s Brexit season again and Brexit is the other subject that’s popular amid the coronavirus blitz and US election headlines.

Key Levels
Resistance Levels: 147.95, 142.71, 138.38
Support Levels: 135.74, 133.04, 131.75
GBPJPY Long term Trend: Ranging
As seen on the daily, GBPJPY price is trading at the level of 138.38 near the main technical resistance level. After being unable in the prior session to push beneath the level of 136.79. The pair is now stuck in the prior range of 136.79 and 137.82 levels given the rebound. 

An eventual downside breakout stays for as long as the resistance level of 147.95 remains. Even so, the steady breach of the 147.95 marks may increase the probability of a bullish long-term reversal. The emphasis for validation may then be shifted to a 156.59 resistance level.
GBPJPY Short term Trend: Ranging
Last week, GBPJPY leaped higher even though upside traction as seen in 4 hour RSI was not too persuasive. This week, its initial bias continues on the upside for a 142.71 high-level retest. On the downside, the 135.74 minor support level breach may suggest that the recovery from the level of 133.04 has ended.

To re-test this support initially, intraday bias had been shifted back to the downside. While a close beyond that level is important to restore the recovery rally from the low of 133.04 level on Sept. 23. Immediate resistance is seen at level 138.38 on the higher side.

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