GBPJPY Attempts Upside Advance Beyond 142.33 Level on UK’s Vaccine Rollout Optimism

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GBPJPY’s upside march attempts to advance beyond the 142.33 level with a strong impulse to test the higher barrier at
142.71 level. The optimism about the UK’s vaccine campaign and lower cases is strengthening the case for stability in Pounds Sterling.

© Mike Hodges

GBPJPY Price Analysis – January 21

Key Levels
Resistance Levels: 147.95, 144.95, 142.71
Support Levels: 140.31, 137.00, 134.40
GBPJPY Long term Trend: Bullish
The GBPJPY pair has already rebounded from the weekly low of 140.35 to 142.33 levels as of today’s session and may lift further. Nonetheless, the horizontal resistance level currently around 142.26, followed by the 142.71 thresholds, challenges the GBPJPY bulls. However, bears are less likely to enter unless witnessing a clear breach beneath the moving average 13 around 141.00 level.

In the larger context, the increase from the 123.99 level is seen as an advancing phase of the sideway range trend from the 122.75 (low) level. As long as the 147.95 resistance level holds, an eventual downside breakout stays in consideration. Nevertheless, the eventual breach of 147.95 may increase the likelihood of long term bullish reversal.
GBPJPY Short term Trend: Bullish
GBPJPY edged higher to 142.25 level last week but upside traction has been very unconvincing. Meanwhile, a sustained increase is mildly in support as long as the 140.31 support level stays intact. The present recovery from 133.04 level may aim for a test on 142.71 high level.

On the downside, however, the breach of 138.00 level may argue that the trend from 142.71 level is starting another falling phase. Intraday bias may be altered back to the downside for 134.40 support level and beneath.

Source: https://learn2.trade

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