GBPJPY Price Analysis – August 16
GBPJPY registered a noticeable upside shift as it hit a two-month high level of 140.20 during last week’s trading exceeding the prior high of 139.62. The GBPJPY cross quickly retreated the intraday high from the prior session to exit at 139.43 level as anti-risk flow supported the JPY safe-haven.
Key Levels
Resistance Levels: 147.95, 144.95, 141.24
Support Levels: 137.84, 135.76, 134.12
GBPJPY Long term Trend: Bullish
In the wider sense, an increase from level 123.99 is seen as a boost from level 122.75 (low) of the sideway consolidation trend. As long as resistance level 147.95 holds, there stays a possible downside breakout in favor.
From a technical point of view, the RSI indicator sprang above level 70 and into the overbought area. A steady breach of 147.95 level, nonetheless, may increase the risk of a long-term bullish reversal. The validity would then switch the attention to a resistance level of 156.59.
GBPJPY Short term Trend: Bullish
Last week, GBPJPY soared further to level 140.20 but rapidly lost traction beyond resistance level 139.74. On all consolidations, the initial bias is first rendered neutral. An additional rally is required as long as it maintains a support level of 137.84.
The growth from level 123.99 has just restarted and a breach from level 140.20 may aim a 100 percent forecast of 123.99 to level 135.76 from level 129.29 at 141.24. Nevertheless, a breach of 137.84 level may suggest short-term topping, in 4 hour RSI on a bearish divergence. The intraday bias for a pullback will be turned back to the downside.
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