GBPJPY Extends Rise Beyond 145.00 Marks on UK Vaccination Drive

GBPJPY Price Analysis – February 10

The GBPJPY pair picks up bids following its bounce off the prior days’ low level of 144.03. Looking at the pair’s continuous upside trading its price jumps past 145.00 level during the early European session. The GBPJPY upside run is benefitting from UK’s lead in terms of the coronavirus vaccination drive.

Key Levels
Resistance Levels: 147.95, 146.81, 145.58
Support Levels: 143.95, 142.84, 141.21
GBPJPY Long term Trend: Bullish
The GBPJPY pair surged to its highest level since February 2020 at 145.06 level on Wednesday after a rebound from lows of 144.03 from the prior day. 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 144.00 level.

In the larger context, the increase of 123.99 level is seen as the third phase of the sideway trend from 122.75 (low) level. The breach of 147.95 level will target the 156.59 resistance (high) level. On the downside, a breach of the 133.04 support level is required to validate the completion of the increase from the 123.99 level. Otherwise, the continuous increase may stay in support even in the scenario of a retreat.

GBPJPY Short term Trend: Bullish
As can be seen from the shorter timeframe, the overall trend in GBPJPY remains on the upside as further advance is expected to continue with minor support at 143.95 intact. An unstable rally from 142.84 should target fresh highs at 145.58. However, a plunge beneath 143.95 could change the short-term trend with a steeper drop below 142.84 level.

On the flip side, with the 143.95 support intact, further rise is expected on GBPJPY. The current uptrend from 133.04 should target 147.95 key medium-term structural resistance. The continuous breach there will carry larger bullish implications. On the downside, however, the break of 142.84 support would now indicate short term topping and turn bias to the downside for a deeper pullback.

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