The Bearish Tone Stays Intact on GBPJPY Despite Price Rebound on the Level at 132.58

GBPJPY Price Analysis – March 11

GBPJPY struggles to carry out the turnaround moves of the previous day while declining to a level of 135.40, down 0.7 percent, during Wednesday’s initial Asian session. Prior market bounce on Monday to current levels eased but revived coronavirus worries (COVID-19) seem to weigh on the risk-tone, traders are also wary ahead of key events in the UK.

Key Levels
Resistance Levels: 148.66,144.95, 138.68
Support Levels: 132.58, 130.49, 126.54

GBPJPY Long term Trend: Ranging

In the larger structure, a 148.66 resistance level rejection suggests that the 126.54 level advance is just the third leg of the 122.75 (low) consolidation trend.

At the initial, the long-term pattern is modified as neutral. The break of the support level of 126.54 can continue a larger downward trend from level 195.86 (high) to level 122.75 low.

GBPJPY Short term Trend: Bearish

The intraday bias in GBPJPY stays neutral past the level 132.58 for consolidation. The upside of recovery may include a resistance level of 138.68 to usher in another decline.

Under the low level of 132.58, however, the decline may extend from level at 147.95 to low-level retest of 126.54. Nonetheless, a break of 138.68 level may suggest a short-term bottoming and lead to a stronger rebound back to the level of resistance of 140.55/144.95.

Instrument: GBPJPY
Order: Sell
Entry price: 135.75
Stop: 137.00
Target: 132.58

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