GBPJPY Price Analysis – May 10
GBPJPY is making a rebound to push it back into the 135.76-132.58 range after falling to a 130.66 level of five weeks ago. Buyers, nonetheless, confront crucial solid barriers close to the region of 133.00, with the main moving averages only nearby. A collapse here may see the quote proceeding for a May lows retest.
Key Levels
Resistance Levels: 147.95, 139.18, 135.76
Support Levels: 131.90, 126.54, 123.99
GBPJPY Long term Trend: Ranging
The level of 132.58 did not let the bulls surpass in the previous session but it may well remain steadfast again this week, the price may flip south to re-test support of 130.66 level where any breach may cause a deeper fall to the level of 128.58. Lower here, the price may revisit the 126.54-level lows until reaching the limiting zone 123.99-122.75.
Put another way, when the pair challenges the 132.58 barriers, it may require clearing the near-term moving averages around 133.00 regions to rebound to level 135.00. Increasing further, and more notably, closing beyond the upper boundary of level 135.76, in which the path will be unlocked to further advance towards the threshold of 137.00.
GBPJPY Short term Trend: Ranging
Last week, GBPJPY fell to 130.66 level but was unable to hold and rebound beneath a 131.90 resistance level. First this week, initial bias is optimistic and the trend is a little interwoven. .However, a further downward trend is in favor, as long as the resistance level stays intact at 133.67 level.
Meanwhile, it may approach a test at a low level of 123.99 beneath 130.66. Nevertheless, a breach of 130.66 level may shift bias to the upside at a threshold of 137.00 for a 61.8 percent retracement of 144.95 to 123.99 levels.
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