GBPJPY Price Analysis – October 16
The bulls were in full control today on the GBPJPY, moving the price higher throughout the whole session. Opening above Tuesday’s low on the level at 139.13, the forex pair confirmed its breakout through the prior session high after trading up and above it intraday.
Resistance Levels: 148.66, 146.57, 141.73
Support levels: 137.48, 135.49, 130.44
GBPJPY Long term Trend: Bullish
In the past four trading sessions, the pair has gained to the upside more than 800 pips, rallying to 140.07 from 130.75 early on Friday. In the long term outlook, the FX pair is at the highest levels since May and resistance has now turned to support.
This scenario may inspire a potential buying climax after which prices could head back down towards the moving average 13 on the level at 133.99 or signal the start of a solid breakout prompting considerably more significant upward move.
GBPJPY Short term Trend: Bullish
On the flip side of the 4-hour time frame, the intraday bias in GBPJPY stays on the upside at this point. And the current rise from the level at 130.44 is in progress for a retracement of the level at 146.57 to 130.44 at 140.07.
Meanwhile a firm break there will pave the way to the level at 148.66 resistance next, its outlook remains bullish while displaying an intact uptrend in the short and long-term trend.
Entry price: 140.07
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.