Anticipated Upside Extension on GBPJPY Looms Beyond 140.00 Level

GBPJPY Price Analysis – December 6

GBPJPY is moving with an upside sentiment, resting around the critical barrier, and awaits the next catalyst. The pair’s buyers anticipate a raised prospect of a rally towards the old highs in an extension that looms beyond the 140.00 level.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 138.38, 137.50, 134.40
GBPJPY Long term Trend: Ranging
As seen on the daily, the increase from 123.99 level is seen as an advancing phase of the sideway ranging trend from 122.75 (low) level. As long as the 144.95 resistance level stays intact, an eventual downside breakout stays in consolidation.

Nevertheless, the firm breach of the 144.95 level may increase the outlook for a long term bullish reversal. The whole attention may then be altered to a 147.95 resistance level for validation. The chart trend is presently evolving as an ascending trend, which is a bullish signal in the medium term.
GBPJPY Short term Trend: Ranging
GBPJPY edged higher to 140.70 level last week but upside traction has been very unconvincing. Meanwhile, a sustained increase mildly in support as long as 138.23 support level stays intact. The present recovery from 133.04 level may aim for a test on 142.71 high level.

On the downside, however, the breach of 138.38 level may argue that the trend from 142.71 level is starting another falling phase. Intraday bias may be altered back to the downside for 134.40 support level and beneath.

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