GBPJPY Regains Positive Traction Around 143.00 Level While Recovering Further From Lows

GBPJPY Regains Positive Traction Around 143.00 Level While Recovering Further From Lows

GBPJPY Price Analysis –  February 5

Buying sentiment around the British Pound increased slightly during the early European session on Wednesday, while the British Pound rose versus the Japanese Yen beyond the 143.00 level, or near the two-week highs in response to the upbeat UK macroeconomic data.

Key Levels
Resistance Levels: 148.66, 147.95, 144.60
Support Levels: 140.83, 135.49, 126.54

GBPJPY Long term Trend: Ranging

In the larger structure, the advance from 126.54 level could be either the third trend of the consolidation pattern from 122.75 level (low) or the start of a fresh bullish trend. Either way, further rally is anticipated as long as 139.31 level support has been established, to 148.66 / 150 resistance zone levels.

From there, the reaction should reveal where it should be. However, the continuous breach of 139.31 level support will ease this situation and turn its long-term view to neutral first.

GBPJPY Short term Trend: Bearish

The trend in GBPJPY stays unaltered as it remains in the corrective pattern from 147.95 level while breaking 140.83 level may lead to a deeper drop to a partial correction from 126.54 to 147.95 at 139.31 levels.

However, on the upside, past the level of 144.60 resistance level may bring stronger rebound to retest the level at 147.95 high.

Instrument: GBPJPY
Order: Sell
Entrance Price: 143.00
Stop: 143.50
Target: 140.83

Note: Learn2Trade.com 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 results

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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.