Sentiment on GBPJPY Turns Bias Sideways as It Looks to Retest Resistance on the Level at 141.50


GBPJPY Price Analysis – November 27

Against the pound sterling, the Japanese yen has recently experienced a decline in its net position. This briefly pushed the outlook for GBPJPY Sentiment to strengthen the position of buyers. As such, the combination of current sentiment and recent changes gives us a more contrasted GBPJPY trading bias.

Key Levels

Resistance Levels: 148.66, 146.57, 141.57
Support Levels: 135.49, 130.44, 126.54

GBPJPY Long term Trend: Bullish

Overall, the consolidation pattern of the level at 126.54 (low) is still in progress, with a rise of 130.44 as further reinforcement. A further advance is expected around the resistance zone on the level at 146.57 / 148.66.

As of now, we anticipate solid resistance from there to limit advance. Towards the downside, a sustained breakout of the level at 135.49 may suggest that this rebound is complete. Although further plunge may be discovered to retest the level at 126.54 low.

GBPJPY Short term Trend: Bullish

The GBPJPY remains in consolidation from the level at 141.57 and intra-day bias stays neutral for the first time. On the downside, a breakout of the level at 139.36 may point to a short-term high.

A further plunge may then be discovered on the level at 135.49, the revolving resistance maintained at first. Towards the upside, the breakout of the level at 141.57 may pick up, going from the level at 126.54 to a resistance of the level at 148.66, The outlook stays bullish, displaying an intact uptrend in the short, medium and long-term.

Instrument: GBPJPY
Order: Buy
Entry price: 141.57
Stop: 138.88
Target: 148.66

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.