GBPJPY Test Horizontal Resistance Zone but Retraces to Break Beneath Prior Session Low

GBPJPY Test Horizontal Resistance Zone but Retraces to Break Beneath Prior Session Low

GBPJPY Price Analysis – October 23

The FX pair’s upward advance is solidified after the break of the horizontal level at 140.07 with the high in the prior session reaching the level at 141.12 before breaking below. The low in the present session had reached the level of 139.08.

Key Levels

Resistance Level: 148.66, 146.57, 144.51

Support Level: 136.44, 130.44, 126.54

GBPJPY Long term Trend: Bullish

In the long term picture, GBPJPY’s consolidation outlook from the level at 126.54 (low) is still in progress while advancing from the level at 130.44 as the next phase of recovery, a further rise should be seen back towards the level at 146.57 and 148.66 resistance zone.

Meanwhile presently, with the expectation of the strong resistance from there to limit the advance upside. Then this scenario may remain the likely pattern as long as the level at 130.44 support stays unbreached.

GBPJPY Short term Trend: Bullish

For now, the intraday bias in GBPJPY has changed from bullish to neutral for its consolidation beneath the level at 141.49 temporary high. A deeper retracement may be achieved but its downside should be contained by the level at 136.44 resistance turned support.

On the upside, above the level at 141.49 will resume the rise from the level at 130.44 for the level at 148.66 key resistance as displayed on the daily. The outlook is bullish, displaying an intact uptrend in the short, and long-term.

Instrument: GBPJPY
Order: Buy
Entry price: 140.07
Stop: 130.44
Target: 146.57

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.