GBPJPY Returns Beyond 140.00 Level As Bullish Tone Undermines Yen

GBPJPY Returns Beyond 140.00 Level As Bullish Tone Undermines Yen

GBPJPY Price Analysis – January 6

The GBPJPY pair edged higher through the first half of the European session and refreshed daily highs, around the 140.49 regions in the last hour. The underlying bullish tone undermined the safe-haven JPY and remained supportive as the focus shifts to Pound Sterling.

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 139.47, 137.00, 134.40
GBPJPY Long term Trend: Ranging
The technical indicators on the daily chart have continued gaining momentum and support the prospects for an upside breach. Consequently, a subsequent move to swing highs around 141.21 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: Bullish
As can be seen from the shorter timeframe, the overall trend in GBPJPY has changed slightly as further advance is expected to continue 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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Author : Azeez Mustapha

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