Mixed Sentiment on GBPJPY, Capped at 143.07 Level as Geopolitical Tension Rage On

Mixed Sentiment on GBPJPY, Capped at 143.07 Level as Geopolitical Tension Rage On

GBPJPY Price Analysis – January 8

GBPJPY drops to 141.12 level during the Asian session on Wednesday. However, during the American session, it recovered to 143.07 level. The pair stays in the background after the latest news showed that Iran fired several rockets at US targets in Baghdad, after which the FX pair recovered due to the unexpected stability.

 

Key levels
Resistance Levels: 150.00, 148.66, 147.95
Support Levels: 139.31, 130.49, 126.54

GBPJPY Long term Trend: Bullish

In the larger structure, an increase from the level of 126.54 can be either the next consolidation model from the low or the start of a new uptrend. In any case, a continuous rally is expected as long as the level of 139.31 is held in the resistance zone of 148.66 / 150.

The reaction from there may indicate in which scenario it should be. However, a steady breakthrough in the level at 139.31 may weaken this scenario and change the long-term neutral outlook in the first place.

GBPJPY Short term Trend: Ranging

GBPJPY intraday bias stays neutral at the moment. In case of another decline, we expect support from the level of 139.31 (a partial recovery of the level from 126.54 to 147.95 at 140.81) to bring a rebound.

On the other hand, overcoming the level of 144.36 may lead to repeated testing of the resistance level of 147.95. Nevertheless, a steady breakthrough of the level at 139.31 can pave the way to the restoration of the level at the level of 138.88.

Instrument: GBPJPY
Order: Buy
Entry price: 143.07
Stop: 140.81
Target: 147.95

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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