GBPJPY Stays in a Range Beneath the Level at 133.00 Despite the Risk-Off Mood

GBPJPY Price Analysis – June 24

The GBPJPY cross deteriorated sharply into American session through the mid-European session among lackluster gains and losses and was last observed trading in the neutral territory, around the region of 132.76. Investors also seemed hesitant to put any large investment amid a lack of clear economic releases on the market.

Key Levels
Resistance Levels: 147.95, 139.74, 136.23
Support Levels: 131.90, 129.29, 123.99
GBPJPY Long term Trend: Ranging
GBPJPY tumbles beneath level 133.00, recording an intraday low of level 132.67, down 0.32 percent as of mid-Wednesday. The recent decline of the pair may be due to its inability to rebound beyond the moving average of 5 and a declining moving average of 13 from June 16 amid bearish RSI levels.

Whereas the pair’s latest falls intend to revisit a retracement level of 50% of 131.90 level, the low of Monday’s near 131.75 level may contest the bears before it attempts for a threshold of 130.00 level comprising 61.8% retraction. Additionally, an upside clearance of a horizontal resistance level of 133.79 will confront the moving average 13.
GBPJPY Short term Trend: Bearish
GBPJPY intraday bias is bearish for consolidation above the short-term low of 131.90 level. As long as the resistance level of 136.23 continues to hold, a further decline is expected. On the negative, the decline from 139.74 level to 129.29 support level may continue toward 131.90 level.

A definitive breach from that level may mark the conclusion of the 123.99 level rebound. In the meantime, a lower plunge may be achieved towards a low level of 123.99.

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