GBPJPY Upside Pullback Stays Beneath the Level at 141.61

GBPJPY Upside Pullback Stays Beneath the Level at 141.61

GBPJPY Price Analysis – September 6

Recently, the GBPJPY took a U-turn from the horizontal barrier at level 142.71 in the previous sessions while opting not to pursue the recent losses in the last few days of the week. Buyers are thus following an ascending trend line as of June 5th, 2020.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 139.74, 135.74, 134.12
GBPJPY Long term Trend: Bullish
Looking at the technical context, the GBPJPY reported hitting the weekly barrier at level 142.71 and appears vulnerable to further sliding. Thus oscillators on the daily chart retained their bullish bias and also eased from the overbought region.

As long as resistance level 147.95 holds, there remains the potential downside breakout in consideration. A strong breach of the 147.95 marks, nevertheless, may increase the risk of bullish long-term reversal. Validation of the emphasis would then be shifted to the resistance level 156.59.GBPJPY Short term Trend: Bullish
GBPJPY ‘s recovery went on to level 142.71 last week but has since retreated. Initially, for some consolidations, overall bias is optimistic this week. A further increase is required as long as it maintains a support level of 139.74.

The 142.71 level breach may aim a forecast of 138 percent to 135.74 level from 129.29 to 145.57 levels next. Even so, on the downside, a breach of 139.74 support level may validate short-term topping and turn back on the downside for the horizontal support line (now at level 137.84).

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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Author : Azeez Mustapha


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