GBPJPY Reverses Its Sell-Off Around the Level at 130.75

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In the prior session, the pair closed lower for the second day in a row, but currently, the GBPJPY displays a weakness further downside of the pair while retaining its wider medium-term outlook by temporal reversal on the level at 130.75.

Key Levels
Resistance Levels: 148.66, 137.80, 135.774
Support Levels: 130.75, 128.68, 126.54

GBPJPY Long term Trend: Bearish
In the bigger picture, the GBPJPY consolidation structure is still forming from the technical support zone on the level at 126.54 low.

A further upward move may be recorded towards the level at 146.57 and 148.66 in an extension where its resistance is glaring before completing the structure. However, the overall trend remains bearish while displaying an intact downtrend in the medium and long-term.

GBPJPY Short term Trend: Bearish
On the 4-hour time frame, its price is trading narrowly between the moving average 5 and 13 close to the key technical support level at 130.44.

As it is presently, the intraday bias in GBPJPY remains on the downside at this point where a corrective rebound from the level at 126.54 low should have completed. Meanwhile, its 4-hour RSI is bearish and pointing lower suggesting further weakness.

Source: https://learn2.trade

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