GBPJPY Pullback May Gain Traction Beneath 138.00 Level As Brexit Impedes Pound Sterling

GBPJPY Pullback May Gain Traction Beneath 138.00 Level As Brexit Impedes Pound Sterling

GBPJPY Price Analysis – November 15

After GBPJPY breach beyond upside barriers around the 137.00 zone with a strong rally, the pair has begun a pullback which may gain traction beneath the 138.00 level in the next session. Although the sell-off has stalled as the pair hits near term correction levels at 137.50 level a combination of Brexit factors contributed to impeding the Pound Sterling.

Key Levels
Resistance Levels: 144.95, 142.71, 140.29
Support Levels: 137.50, 134.40, 131.75
GBPJPY Long term Trend: Ranging
GBPJPY is sitting on the horizontal support zone at 137.54 level after topping at 140.31 level, just above the 140.00 mark, which happens to be the 76.4% retracement of the downward phase from 144.95 to 123.99 levels. The horizontal zones and the signals from the moving average 5 and 13 further reflect a sideways market.

As long as the 144.95 resistance level holds, an eventual downside breakout stays in consolidation. However, the firm breach of 144.95 will raise the chance of long term bullish reversal. The medium-term focus will then be turned to the 147.95 resistance level for validation.
GBPJPY Short term Trend: Ranging
GBPJPY rebounded further to the 140.31 level in the prior week but retreated sharply since then. But selling then halted at horizontal support line at 137.50 level. Its initial bias is neutral this week first. On the upside, a breach of 140.31 level may kickstart the rebound from 133.04 level to retest 142.71 high level.

Nevertheless, the sustained breach of 137.50 resistance turned support level will argue that the rebound has completed. Intraday bias will be turned back to the downside for a 133.04/134.40 support zone. Overall, GBPJPY sustains its sideways bearing in the short-to-medium-term.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.