GBPJPY Battles to Stay Afloat 135.00 Level Despite Bearish Pull

GBPJPY Battles to Stay Afloat 135.00 Level Despite Bearish Pull

GBPJPY Price Analysis – September 20

The GBPJPY cross edged lower during the prior trading session and was last seen hovering near lows, just around 135.00 level. A strong pickup in demand for the safe-haven JPY was seen as a key factor exerting pressure. The JPY was further supported by the Bank of Japan’s less gloomy view on the economy following the latest monetary policy update.

Key levels
Resistance Levels: 147.95, 142.71, 138.38
Support Levels: 134.12, 131.75, 129.29
GBPJPY Long term Trend: Ranging
From a technical perspective, the end of week plunge validated a near-term bearish break through the ascending trendline range. This combined with the pair’s struggle to achieve any tangible traction support potentials for a further near-term depreciating move.

Therefore, a corresponding retreat well below the main psychological mark of 135.00, swinging low in the last week, around the region of 134.55, currently appears a high possibility. As long as the level of resistance is 147.95, an inevitable downside breakout stays in support.
GBPJPY Short term Trend: Bearish
GBPJPY ‘s fall from level 142.71 continued last week and the progression now claims that the entire 123.99-level recovery is over. For the 61.8 percent retracement of 123.99 to 142.71 at 131.75 levels, the initial bias persists on the downside this week.

On the upside, the lower resistance level beyond 136.62 may transform neutral bias and offer consolidations, before another decline is triggered. Similarly, the short-term bias stays overwhelmingly bearish, as the RSI has a negative slope to endure.

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Author : Azeez Mustapha


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