GBPJPY To Retain Upside Traction Beyond Mid 140.00 Level Despite Lockdown Concerns

GBPJPY To Retain Upside Traction Beyond Mid 140.00 Level Despite Lockdown Concerns

GBPJPY Price Analysis – January 10

In the new week, GBPJPY is likely to retain its upside traction beyond the mid 140.00 level while endorsing positive price action. Earlier GBPJPY has been on the back foot with GBP struggling on lockdown concerns.

Key Levels
Resistance Levels: 145.00, 142.71, 141.21
Support Levels: 139.47, 138.00, 137.00
GBPJPY Long term Trend: Ranging
The technical indicators on the daily chart have continued gaining momentum and support the prospects to retain upside traction beyond the mid 140.00 level. A subsequent move to swing highs around 141.27 remains in place and, on the other hand, another move to swing lows around 139.47 in the event of a fall looks very likely.

Meanwhile, any significant pullback could be seen as a buying opportunity around 139.00. Failure to protect said support will exacerbate a strong barrier near current levels and leave the GBPJPY cross vulnerable to an accelerated slide towards 138.38.
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 plunge beneath 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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Author : Azeez Mustapha

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