GBPJPY Upside Consolidation Takes Foot Beneath 138.50 Level

GBPJPY Upside Consolidation Takes Foot Beneath 138.50 Level

GBPJPY Price Analysis – August 9

In the prior session, GBPJPY consolidated around 138.50 marks, that said, while increasing trend patterns indicate some possible downside correction may be temporary. The Bank of England delivered Britain’s economy a remarkably positive assessment which may fuel confidence that the sector may see more trend progress this week.

Key Levels
Resistance Levels: 144.95, 141.24, 139.74
Support Levels: 136.62, 131.75, 129.29
GBPJPY Long term Trend: Ranging
The pair is trading close to the ascending moving average of 13 support at 138.00 level, reflecting a decline of 0.36 percent, having in the prior session set a high of 138.75 level. From a viewpoint of technical analysis, 139.00 is the level for the bulls to smash. That’s because last week, the pair confronted rejection several times over that level.

As long as resistance level 147.95 holds, there is the possible downside breakout in favor. Firm breach of 147.95 level, however, may increase the risk of bullish long-term reversal. Validation of the target would then be shifted to the resistance level 156.59.
GBPJPY Short term Trend: Ranging
Last week GBPJPY climbed higher to 139.23 levels but reversed swiftly. First of all, the initial bias this week stays neutral. Yet more increase is in support as long as the resistance level flipped to 136.62 support stays. On the upside, a solid 139.74-level breach may restart the entire increase from the 123.99 level.

The next target would be a 100% prediction of 123.99 to 135.76 levels at 141.24 levels, from 129.29. Nevertheless, to increase the consolidation trend from 139.74 level, a steady breach of 136.62 level may turn intraday bias back to the downside.

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Author : Azeez Mustapha


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