GBPJPY Crosses 141.00 Mark As Upside Run Persists

GBPJPY Price Analysis – January 3

GBPJPY continues with an upside push and closed around the 141.00 ceilings that kept the bulls under control in the past for the second time. The currency was unable to break convincingly above the 141.22 level on confirmation that the Brexit deal had been reached.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 139.47, 137.00, 134.40
GBPJPY Long term Trend: Ranging
The GBPJPY cross built on the bullish impulse built and continued to rise till it breached the 141.00 level. The momentum pushed the cross to the 141.22 high supply zone in an attempt to break towards 142.71 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 140.31.
GBPJPY Short term Trend: Bullish
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 140.31 level. An unstable rally from 137.00 has reached the 141.21 high. However, a breakout of 141.21 could change the short-term trend to a bigger rally to 142.71.

Near the bottom edge, there is support for the uptrend line at 140.31. A break below this level will open the door, technically speaking, to a move back to the 138.00 areas and then to the psychological 137.00 level (the latter being the bottom of the aforementioned recent range).

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