GBPJPY Retreats Beneath the 142 Level Amid Renewed Safe-Haven Demand

GBPJPY Price Analysis – January 29

After trendless trading activity in the prior session, the pair met some new supply on Wednesday and was suffering from a host of negative sentiments. GBPJPY held onto its weakest defeat, beneath 142.00 level and stays well within close distance of the three-week lows set in the prior session.

Key Levels
Resistance Levels: 148.66, 147.95, 146.81
Support Levels: 140.81, 135.49, 126.54

GBPJPY Long term Trend: Bullish

The price is still winding indicating an upward pressure. At 143.50 is the level at which the price should bounce from the straight level towards 144.36 and 146.81. Either way, further rally is anticipated as long as 139.31 level is supported, to the resistance level of 148.66 / 150.00.

From there, the reaction should reveal where it should be. However, the continuous breach of the 139.31 support level may weaken this scenario and shift its trend to the medium-term neutral first.

GBPJPY Short term Trend: Bearish

The daily bias in GBPJPY stays bearish at this point. The level at 144.36 is considered the third stage of the correction from 147.95 level. The next target is to correct part trend from the level at 126.54 to 147.95 at 139.31.

At present, the risks may stay in the downtrend as long as the resistance holds on the level at 144.36, in the event of recovery as prices trade near this year’s low on the level at 141.83, the downward momentum may accelerate if the currency breaks out to new levels for this year.

Instrument: GBPJPY
Order: Sell
Entrance Price: 142.00
Stop: 143.00
Target: 140.81

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