GBPJPY Positive Traction Continues Beyond the 140.00 Mark

GBPJPY Price Analysis – December 30

The British pound has staged a strong bounce back against the Japanese Yen, with the pair recovering back above the 140.00 marks. The underlying upside sentiment undermined the safe-haven JPY and remained supportive of the British Pound.

Key Levels
Resistance Levels: 142.71, 141.21, 140.31
Support Levels: 139.47, 138.00, 137.00
GBPJPY Long term Trend: Ranging
The GBPJPY cross built on the previous day’s rebound and continued to rise in the first hours of the European session on Wednesday. The momentum pushed the cross beyond the 140.00 high supply zone in an attempt to break the 140.31 barriers.

The technical analysis highlights that an extremely large bullish reversal pattern is still valid in the older time frames. Buy on a dip in the main strategy for medium to long term traders of the GBPJPY as long as the price holds above 1.3800.
GBPJPY Short term Trend: Ranging
As can be seen from the shorter timeframe, the overall trend in GBPJPY has changed slightly as further advance is expected to be moderate with minor support at 139.47 remaining. An unstable rally from 137.00 should target the 141.21 high. However, a breakout of 139.47 could change the short-term bearish trend to a steeper drop below 138.00.

Near the bottom edge, there is support for the uptrend line at 137.00. A break below this level will open the door, technically speaking, to a move back to the 136.00 areas and then to the psychological 133.03 level (the latter being the bottom of the aforementioned recent range).

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