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GBPJPY Price Analysis – September 2
GBPJPY holds moderately buying around level 141.76 amid the initial trading on Wednesday. And during further upside of the quote past level 141.61, the cross may inspire buyers ahead of taking them to the yearly high of level 144.95. Although this makes a significant achievement for the bulls, it is far from clear that the rally may proceed.
Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 139.74, 135.74, 134.12
GBPJPY Long term Trend: Bullish
The substantial bullish run of the British pound over the last several weeks drove the pair above the psychologically significant threshold of 140.00. However, as long as the 147.95 resistance level holds, an eventual downside breakout remains in favor.
As such, the pair could witness a pullback to the psychological support level of 141.00, which, if violated, would shift the focus down south. Meanwhile, the firm break of 147.95 level will raise the chance of long term bullish reversal. Then its focus will then be turned to the 156.59 resistance level for confirmation.
GBPJPY Short term Trend: Bullish
The 4-hour chart indicates the relative strength index being bearishly divergent. A bearish divergence occurs when the indicator charts lower elevations, which contrasts higher market highs and is indicative of exhaustion from the uptrend.
A transient peak with the present retreat is created at level 142.71. For some convergence, the intraday bias is made neutral. But as long as the 139.74 support level holds it is expected to grow higher. The 142.71 level breach may aim a forecast of 161.8 percent from 123.99 to 135.74 levels at 147.95 level from 129.29.
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 results
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