GBPJPY Stays Overbought Near 145.00 As UK Vaccination Campaign Continues

GBPJPY Price Analysis – February 7

The GBPJPY pair kept recovering at the prior session, ending the week with modest gains in the 144.89 price zone. The pair stays overbought near the 145.00 level as the Uk vaccination campaign continues boosting economic recovery.

Key Levels
Resistance Levels: 156.08, 148.15, 145.00
Support Levels: 143.95, 142.71, 140.31
GBPJPY Long term Trend: Bullish
The GBPJPY pair rebounded from the prior week’s low of 142.84 to 144.89 levels as of the prior session and may lift further into the new week. Nonetheless, the horizontal resistance level currently around 145.00 level, followed by the 148.15 thresholds, challenges the GBPJPY bulls.

However, bears are less likely to enter unless witnessing a clear breach beneath the moving average 5 around 143.90 level. The technical analysis highlights GBPJPY is bullish and a reversal may encourage traders to buy at the dip as long as the price holds above 143.00 level.
GBPJPY Short term Trend: Bullish
As can be seen from the shorter timeframe, the overall trend in GBPJPY remains unchanged as further advance is expected with minor support at 143.95 remaining. However, if the level at 145.00 horizontal resistance holds intact, it could cause the short-term trend to a steeper drop below 143.00.

Meanwhile, close to the bottom edge, there is support for the advance at 142.71. A break below this level will open the door, technically speaking, to a move back to the 142.21 areas and then to the psychological 140.31 level (the latter being the bottom of the aforementioned recent range).

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