GBPJPY Plunges to 14 Days Low Beneath 135.00 Level As Brexit-Related Concerns Add to Selling Bias

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


GBPJPY Price Analysis – October 28

The GBPJPY cross has come under fresh selling bias during the American session and plunged to 14 days low beneath the 135.00 level. Persistent Brexit-related concerns add to selling bias while keeping the GBP lower forcing investors to take refuge in the safe-haven Japanese yen.

Key Levels
Resistance levels: 144.95, 138.38, 136.62
Support levels: 133.04, 131.75, 129.29
GBPJPY Long term Trend: Ranging
GBPJPY reversed from daily highs around 136.28 and fell below support at 135.00. GBPJPY showed some stability near the very important ascending trendline support and made a brilliant bounce off the 134.88 marks. Despite the decline in GBPJPY, it still managed to maintain a modest gain, around 135.00/135.60 level.

In a broader context, the rise from 123.99 is seen only as an upward phase of the consolidation sideways trend from 122.75 (low). As long as the resistance level of 144.95 remains, a possible downside breakout remains in favor. However, a solid break of the 144.95 level would increase the likelihood of a long-term bullish reversal. Attention will then be drawn to the 147.95 resistance level for a re-attempt.
GBPJPY Short term Trend: Ranging
A break of the GBPJPY support level of 135.38 suggests that the recovery from 133.04 is complete. Perhaps the corrective fall from 142.71 is about to resume. Intraday bias initially turned towards 133.04 low support.

A break would confirm and target a 61.8% recovery from 123.99 to 142.71 at 131.75. On the other hand, the minor resistance levels at 136.62 will retrace the uptrend to the resistance level at 137.84. Meanwhile, the short-term oscillators are currently showing momentum that is far from effective as the 4-hour bearish RSI returns, pointing up.

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 result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *