GBPJPY Registers Strong Positive Traction Past the Mid-143.00s Threshold

GBPJPY Price Analysis –  February 19

The GBPJPY cross increased to fresh monthly highs, within the mid-143.00 levels, in response to higher-than-expected UK consumer inflation data. The movement may then set the scene for the expansion of the recent positive momentum of the pair.

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

GBPJPY Long term Trend: Ranging

In a broader trend, an increase from the level of 126.54 may be either the third stage of the consolidation model from 122.75 (low) or the beginning of a fresh uptrend. In any case, a further rally is anticipated, while the support level of 139.31 is maintained, up to the barrier level of 148.66 / 150.00.

The reaction from there may indicate in which scenario it is. However, a steady breakthrough of the support level of 139.31 can weaken this scenario and alter the initially long-term neutral trend.

GBPJPY Short term Trend: Ranging

GBPJPY remains in volatile range trading while flat from the level at 144.60 in extension. On the other hand, a breakthrough of the level of 140.83 may approach a partial pullback from 126.54 to 144.66 at the levels of 139.31.

Meanwhile, overcoming the resistance level of 144.60 may lead to a stronger rebound to re-test the level at a high of 147.95.

Instrument: GBPJPY
Order: Buy
Entry price: 143.00
Stop: 142.00
Target: 144.60

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