GBPJPY Tumbles to 135.57 Level While Registering the Lowest Close in 2 Months

GBPJPY Tumbles to 135.57 Level While Registering the Lowest Close in 2 Months

GBPJPY Price Analysis – September 13

Moving lower for the 2nd day consecutively, GBPJPY closed the week lower at 135.57 level after losing early gains on Friday. The weekly close at 135.57 marks the lowest registered closing price in 2 months. The Sterling Pound collapsed on Brexit chaos, ending the week at levels last seen in early July.

Key Levels
Resistance Levels: 147.95, 142.71, 138.38
Support Levels: 135.74, 131.75, 129.29

GBPJPY Long term Trend: Ranging
After trading as low as 135.57 during the end of the prior week, the currency edged a little higher and found support at 135.74 level. After having been unable to move lower than 135.57 in the prior session, GBPJPY is likely to find buyers again around the same price level today at 135.57 level.

As long as the 147.95 resistance level continues to hold, an impending downside breakout stays in line for GBPJPY. Even so, a strong breach of 147.95 level may raise the chance of long term bullish reversal. Validation of the target would then be shifted to the resistance level 156.59.

GBPJPY Short term Trend: Bearish
On the lower time frame, the fall in GBPJPY from level 142.71 last week intensified lower. Firstly, the initial trend stays on the downside this week. The continuous breach from 123.99 to 142.71 at 135.54 levels of 38.2 percent retracement may indicate that the entire recovery from 123.99 level in total.

A wider decline at the next phase of 131.75 level could then be seen to retrace 61.8 percent. Nevertheless, a quick recovery from the current level, preceded by a breach of 138.38 minor level of resistance, may shift bias back to the upside instead for a 142.71 level retest.

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