GBPJPY Regains Traction and Moved to Highs at 139.00 Level

Share On Facebook
share on Linkedin

GBPJPY Price Analysis – August 5

©

The GBPJPY regains traction upward despite being taken aback by a withdrawal near the level of 139.00 and rapidly retreated in the early North American session around 45 pips. The GBP buyers have largely shaken off fears about the second wave of coronavirus infections and anxiety of a no-deal Brexit.

Key Levels
Resistance Levels: 144.95, 141.24, 139.74
Support Levels: 136.62, 131.75, 129.29
GBPJPY Long term Trend: Ranging
Given the factors impacting it, the GBPJPY cross failed to make it through the 139.00 level, requiring investors sufficient vigilance to soften their bullish bias. That makes it safe to wait for some follow-through intensity beyond last Friday’s peak, around the 139.20 level, to validate any bullish bias in the medium to long term.

The GBPJPY cross may then target to break monthly swing high resistance near the region of 139.74 in June and intensify the traction towards the main psychological mark of 140.00. Resolute breach of 147.95 level, nevertheless, may affect the possibility of bullish long-term reversal. Validation of the emphasis would then be shifted to the resistance level 156.59.
GBPJPY Short term Trend: Bullish
At this level, the intraday bias in GBPJPY stays neutral. Yet more increase is in view as long as the support level switched to 136.62 resistance level persists. On the upside, a solid breach of 139.74 levels may restore the entire increase from 123.99 to 135.76 levels from 129.29 at 141.24 levels.

Additionally, to extend the consolidation trend from 139.74 level, a breach of 136.62 levels may turn intraday bias back to the downside. Nonetheless, if the price continues to exit with a bullish continuation trend beyond the level of 138.68 then continuation to the horizontal support at the level of 139.20 is probable.

 

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20200919 10:41:00