GBPJPY Records Intense Selling for the Fourth Straight Session, Stays Beneath 132.00 Level

Share On Facebook
share on Linkedin
Print

GBPJPY Price Analysis – June 21

In the last session, the GBPJPY cross lost some extra ground and slipped to new monthly lows while staying beneath the 132.00 level. The collapse was supported by the strongly offered tone encircling the British pound which accompanied the last session’s policy decision by the Bank of England (BoE).

Key Level
Resistance Levels: 147.95, 139.74, 136.23
Support Levels: 129.29, 123.99, 122.75
GBPJPY Long term Trend: Ranging
In the wider context, we’re witnessing price actions from 122.75 (low) level, which is observed as a sideways consolidation trend. So long the resistance level of 147.95 holds, there is a potential downside breakout in support.

A strong breach of 147.95 level may however increase the risk of a long-term bullish reversal. Then the emphasis is shifted to the level of resistance of 156.59 for validation.
GBPJPY Short term Trend: Bearish
GBPJPY’s decline from the short term high level of 139.74 stretched to as low as last week’s level of 131.90. A recent trend implies a corrective recovery from level 123.99 has been accomplished with 3 phases to level 139.74. This week’s initial bias stays on the downside with support level 129.29.

A strong breach there will affirm this bearish scenario and open the way for low-level retests of 123.99. On the positive side, to signify the finalization of the collapse, a breakage of 136.23 minor resistance level is required. Alternatively, in the circumstance of recovery, further collapse is anticipated.

 

Source: https://learn2.trade

Click Here to register for free on Investors Hub

This area of the investorshub.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 Investors Hub. Investors Hub 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 Investors Hub 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 investorshub.advfn.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

Comments are closed

 


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.