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GBPJPY Price Analysis – November 11
The GBPJPY surge past the key 140.00 psychological marks while maintaining strength towards two-month highs during the early European session. GBPJPY continued gaining traction for the 3rd day in a row on Wednesday. Refreshed optimism for a Brexit deal boosts the British pound, while the upbeat market mood suppressed the Japanese yen’s safe-haven status.
Key Levels
Resistance Levels: 144.95, 142.71, 140.29
Support Levels: 138.38, 136.62, 134.40
GBPJPY Long term Trend: Ranging
As seen on the daily chart, with the recent upside phase, the GBPJPY is now struggling to hold above 140.00. Therefore, some strength of continuation towards the horizontal resistance of 140.70 on the way to the level of 141.61 now looks quite likely.
As long as the resistance level of 144.95 stays, a possible downside breakout stays in support. However, a solid breach of the 144.95 level would raise the likelihood of a long-term bullish reversal. The attention will then be moved to the 147.95 level for validation.
GBPJPY Short-term trend: Bullish
GBPJPY rally from 133.04 is still ongoing. The intraday bias stays upward: forecast of 161.8% from 133.04 to 137.84 from 134.40 at 142.16, close to the high of 142.71 level. However, technical indicators on intraday charts are already indicating overbought conditions and require some caution for aggressive bullish traders.
On the other hand, a solid breach of 137.84 resistance, which has become a support level, is now required to indicate the completion of the bounce. Nevertheless, further growth may stay in support even in the event of a reverse. Some subsequent buying may lift the pair as early as 141.00 on the way to the 141.61 supply zone.
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
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