GBPJPY Attempts Upside Hurdle at Mid 137.00 Level As Markets Ignore UK’s Lockdown Amid Brexit Optimism

GBPJPY Price Analysis – November 4

The GBPJPY is presently attempting the upside hurdle around mid 137.00 marks. The barrier near the 137.84 level, becomes a tough nut to crack for the buyers. Markets ignore the economic cost of the UK’s lockdown amid Brexit optimism.

Key Levels
Resistance Levels: 144.95, 138.38, 136.62
Support Levels: 134.12, 133.04, 131.75
GBPJPY Long term Trend: Ranging
GBPJPY held the lower border at 135.38, keeping the downward pressure on the horizontal channel for the 2nd month. The RSI is currently moving below the neutral 50 marks after bottoming in the bearish area, indicating that the bulls cannot give up the battle in the medium term.

In a broader context, the increase from 123.99 is seen only as an upward cycle of the sideways trend from 122.75 (low). As long as the resistance level of 147.95 holds, a possible downside breakout stays in support. However, a solid breach of the 147.95 level may boost the likelihood of a long-term bullish reversal.
GBPJPY Short term Trend: Ranging
GBPJPY intraday bias stays neutral as range trading continues. As long as the resistance level of 137.83 holds, further decline is in support. However, beneath the level of 134.40, the support level of 133.04 will first be approached. Its breach may begin a stronger decline from 142.71 to 61.8%, a pullback of 123.99 to 142.71 at 131.75 levels.

Most likely, bearish traders may pressure the price lower during this session. However, the support cluster formed by the ascending trendline support at 135.20 could be an obstacle for the bears during the next trading session.

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