GBPJPY Downside Bias Appeals to Sellers Around 139.70–80 Zone

GBPJPY Price Analysis – August 26

The GBPJPY is exactly at the top zone which is very close to the start of the sellers’ pattern which appeals to a downside bias around 139.70-80 zone. GBPJPY is losing gains at 0.14% on a day while taking the bids near 140.13 high level during the early Wednesday.

Key Levels
Resistance Levels: 147.95, 144.95, 141.24
Support Levels: 137.84, 135.76, 134.12
GBPJPY Long term Trend: Ranging
The price may decline straight down from the zone at 139.70-80 into the lower zone in the region of 138.00. The level at 138.68 is the first target and a daily closing beneath may suggest a transition towards levels 137.84 and 137.00. Whenever the price reaches past 140.20 levels, nevertheless, the trend becomes even more over-extended to the upside which is not a positive sign for bears.

So long as resistance level 147.95 holds, there is an eventual downside breakout in support. A steady breach of 147.95 level, nonetheless, may increase the risk of a long-term bullish reversal. Validation of the emphasis would then be shifted to the resistance level 156.59.
GBPJPY Short term Trend: Ranging
GBPJPY’s intraday bias stays neutral, as range trading progresses. Another rally is moderately in furtherance as long as it holds a support level of 137.84. The 140.20 level breach may achieve a 100 percent forecast from 123.99 to 135.76 levels at 141.24 levels, from 129.29.

The breach of 137.84 levels, meanwhile, may suggest short-term topping in 4 hour RSI on bearish divergence condition. For pull back, lower horizontal support line (now at level 136.62) initially, the intraday bias is turned back to the downside.

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