GBPJPY Price Analysis – September 30
GBPJPY is increasing for the 5th day in a row while maintaining a bullish bias beyond the 136.00 level. Earlier, the dip–buying assisted to limit any meaningful slide near the key 135.00 psychological marks as bulls are seen making a fresh attempt as momentum eases.
Key Levels
Resistance Levels: 147.95, 142.71, 136.62
Support Levels: 133.12, 131.75, 129.29
GBPGPY Long term Trend: Ranging
The GBPJPY may begin to consolidate between 135.00 and 136.62 levels. If it tries to breach and carry beyond 136.62 levels more growth appears probable. The initial aim is seen at level 136.62, led by level 137.84.
As long as the level of resistance is 147.95, a potential downside breakout stays in order. Even so, the steady breach of the 147.95 marks may increase the probability of a bullish long-term reversal. The emphasis for validation may then be shifted to a 156.59 resistance level.
GBPJPY Short term Trend: Ranging
GBPJPY’s recovery from the 133.04 level is still in progress on the 4-hour timeframe, but so far fails to take out the 136.62 resistance level. The intraday bias stays impartial and may come to play with further correction. The fall from 142.71 level and goal 61.8 percent retracement from 123.99 to 142.71 at 131.75 levels may continue the breaking of 133.04 level on the downside.
Nevertheless, for a steeper recovery, the firm breach of 136.62 level may imply short-term bottoming and turn bias back to the upside. If the decline is induced by the present momentum shift in GBPJPY, the main support to track is seen at the levels of the 134.12/50 band.
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