GBPJPY Upside Run Dwindles at 143.69 Level As Japanese Yen Stays Strong

GBPJPY Upside Run Dwindles at 143.69 Level As Japanese Yen Stays Strong

GBPJPY Price Analysis – February 3

GBPJPY has been in a declining move over the last couple of days after the upside rally towards the recent high of 144.09 dwindles further beneath 143.69 level as of today’s European session. The market expects further JPY strength which is not due to a negative view on global risk sentiment.

Key Levels
Resistance Levels: 147.95, 145.00, 143.95
Support Levels: 142.71, 140.31, 139.47

GBPJPY Long term Trend: Ranging
In light of the recent price action, GBPJPY is expected to face important support in the 142.26/142.71 band. The price action is, so far, at the time of writing, leaving a wick that on the daily time frames would be expected to be filled in a rebound towards 143.95 level.

In the larger context, the increase from the 123.99 level is seen as a rising phase of the sideway ranging trend from 122.75 (low) level. As long as the 147.95 resistance level holds, an eventual downside breakout stays in consideration. However, a firm breach of the 147.95 level may increase the chance of long term bullish reversal.
GBPJPY Short term Trend: Ranging
On the 4 hour chart, the price stays capped by the horizontal resistance line on the level at 143.95, while the moving average 5 and 13 crossings are confirming the recent bearish structure. The RSI is moving south beneath its midline region with the price yet to be oversold.

If selling interest persists, immediate support could come from the 143.00 marks. Beneath this line is the retracement level of the up leg 139.47 to 143.95 at 142.71 could come next ahead of the horizontal support at 142.26 levels. Meanwhile, any significant rebound could be seen as a buying opportunity around 143.00.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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