GBPJPY Price Analysis – November 6
GBP has gone to and fro versus JPY in the course of the most recent few weeks, essentially processing additions from the enormous spike higher that we had seen beforehand. However, the pair has been in a consolidating trend since the start of the trading session and therefore we may continue to see this trend go higher eventually.
Resistance Levels: 148.66, 146.57, 141.50
Support Levels: 135.49, 130.44, 126.54
GBPJPY Long term Trend: Bullish
In the longer term, the consolidation structure from the level at 126.54 (low) is effective with the advance from the level at 130.44. Meanwhile, a further advance may be seen to continue to the level at 146.57/148.66 resistance zone.
However, as it is now, the expectation of a solid resistance from there is to limit the upside zone while this may stay as the likely scenario as long as the level at 130.44 support holds. The outlook displays an intact bullish trend in the short and longterm.
GBPJPY Short term Trend: Bullish
On the flip side of the 4-hour time frame, the intraday bias in GBPJPY stays neutral as consolidation from the level at 141.50 is extending. While another crash may not be ruled out, however, the downside may be restricted above the level at 135.49 resistance turned support to bring another rally.
Another scenario from the upside shows that a break of the level at 141.50 may resume the advance from the level at 126.54 to the level at 148.66 key resistance.
Entry price: 141.50
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.