Positive Sign Builds Up on GBPJPY As the Price Fluctuates Past Level at 135.00

GBPJPY Price Analysis – April 12

Even though there are fluctuations in the country caused by the coronavirus, GBPJPY continues at the forefront, while the price fluctuates beyond the level of 135.00, rising by around 0.40%. Motivated by the Bank of Japan head’s recent positive remarks, Haruhiko Kuroda, referring to market uncertainty and resolve to introduce easing which further boosted the pair to the north.

Key Levels
Resistance Levels: 147.95, 144.95, 138.68
Support Levels: 133.39, 127.54, 122.75

GBPJPY Long term Trend: Ranging

In a wider sense, current progress implies that 122.75 (low) level market activity is merely a side-consolidation pattern that ended at 147.95 level. The downtrend has since resumed from 195.86 (high) level and 251.09 (high) level.

A break of 122.75 from 147.95 to 102.76 levels in the following will hit a 61.8 percent of the projection from 195.86 (high) level to 122.75 level. The trend may stay bearish in any scenario because the resistance would stay at 147.95 level.

GBPJPY Short term Trend: Ranging

GBPJPY corrective bounce back from 123.99 level is rather a major advance and can be anticipated in the near term. However, recovery may be curbed by a turnaround of 61.8 percent from 144.95 to 123.99 at 137.00 levels, which will eventually restart the decline.

On the other hand, a failure of the short-term support level of 132.58 could shift the downward bias to repeated low-level testing of 123.99. Nonetheless, a continuous level break by 137.00 may increase the likelihood of a trend reversal and shift emphasis to the 144.95 resistance level.

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