GBPJPY Upside Traction May Attract Buyers Past 144.00 Level, UK COVID-19 Softens

GBPJPY Upside Traction May Attract Buyers Past 144.00 Level, UK COVID-19 Softens

GBPJPY Price Analysis – Jan 31

GBPJPY moved with a fresh impetus while hitting the level at 143.95 high in the prior session. The pairs upside traction may attract buyers past the 144.00 level as it awaits the next catalyst this week. The pair’s buyers anticipate a raised prospect of a rally towards the old highs as UK Covid-19 softens.

Key Levels
Resistance Levels: 147.95, 145.00, 143.95
Support Levels: 142.71, 141.21, 139.47
GBPJPY Long term Trend: Bullish
As observed on the daily, the increase from 142.91 level in the prior session is seen as an advancing phase of the sideway ranging trend from 123.99 (low) level. As long as the 144.95 resistance level stays intact, and eventual downside breakout stays in consolidation.

Nevertheless, the firm breach of the 144.95 level may increase the outlook for a long term bullish reversal. The whole attention may then be altered to a 147.95 resistance level for validation. The chart trend is presently evolving as an ascending trend, which is a bullish signal in the medium term.
GBPJPY Short term Trend: Ranging
The mild retracement in GBPJPY at the end of the prior week suggests that the corrective rebound from 142.21 ended at 143.95 for another push this week. Initial sentiment remains in a range this week with another rebound anticipated. A breach of the 143.95 level would lead to the 144.95 resistance level to validate this bullish scenario.

However, on the other hand, a breach of the minor support level of 142.71 could reverse the upward trend towards the 140.31 level. Another downside move could increase selling pressure towards the 138.00 bottoms, breaking the upward pattern in the near term.

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 result

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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.