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GBPJPY Price Analysis – November 25
GBPJPY stalls upside move and stays capped by up to two-week highs at 139.74 level, the cross witnessed a modest pullback on Wednesday. The GBPJPY witnessed some selling and dropped to fresh daily lows around 139.00 level.
Key Levels
Resistance Levels: 142.71, 140.31, 139.74
Support Levels: 138.38, 137.50, 134.40
GBPJPY Long term Trend: Ranging
On the daily chart, after resistance at 139.74 stopped the upside, a sustained break below 139.00 could trigger some technical selling and leave the GBPJPY cross vulnerable to a pullback towards support at 138.38.
A subsequent decline below 138.00 could reveal intermediate support near the 137.50 area ahead of last week’s low of 137.20. As long as the resistance level of 144.95 remains, a possible breakdown remains in support. However, a breakout of 144.95 could increase the likelihood of a long-term bullish reversal.
GBPJPY Short term Trend: Ranging
The GBPJPY intraday bias remains rising towards the 140.31 resistance level. A sustained breach could renew the bounce off 133.04 support to retest 142.71 resistance next time.
On the other hand, a breach of the minor support level of 137.50 could reverse the downtrend towards the support level of 134.40. Hence, sellers may be targeting the support zone confluence and the retracement of the October downturn, trying to break the 139.00 level near the support.
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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