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GBPJPY Price Analysis – May 3
As GBPJPY pulls back from the multi-day top, it reverses to level 133.47, down 0.75 percent in the previous session, amid recent risk-off. While doing so, the pair do seem to have dismissed pessimistic Japanese GDP projections and the Asian nation’s weak figures.
Key Levels
Resistance Levels: 147.95, 139.18, 135.76
Support Levels: 131.90, 126.54, 123.99
GBPJPY Long term Trend: Ranging
The daily chart illustrates the pair trying to ascertain the bullish initial response offered by two prior sessions hammer candle, springing over the top of the resistance level over the last six days, at 133.67 level. The GBPJPY has been constrained to 135.45 level so far and is attempting to test at 135.76 level more than the next horizontal level of resistance.
On setbacks to push beneath moving average of 5 and 13, presently near 133.67 level, may guide bulls to 135.00 thresholds on a daily close premise into an ongoing effort to re-test prior resistance levels. On the opposite, a downward break beneath may need to breach April month’s low registered around the level at horizontal support on 131.90 while targeting the upward trendline support.
GBPJPY Short term Trend: Ranging
Last week’s swift recovery of GBPJPY indicates a turnaround from level 123.99 is not yet established. This week, the initial bias remains neutral initially as seen on the 4-hour chart. On the contrary, the 135.76 level break may aim at a retraction of 61.8 percent from 144.95 to 123.99 at 137.00 levels.
From there we will be expecting a high resistance to constraining upwards. But a continuous break of level 135.76 may set the stage to the next level of resistance at 144.95. On the downwards, a break of 131.90 level may shift bias back to the downside for a low level of 123.99 retests.
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