GBPJPY Slips in a Bearish Force Taking It in Augmentation to the Level at 134.00

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GBPJPY Price Analysis – July 17
In the wake of attempting to clear the 137.80 level, the British Pound began a solid decay against the Japanese Yen. The GBPJPY pair even broke the key technical zone on the level at 135.39 to post another multi-month low.
Key Levels
Resistance Levels: 148.66, 143.68, 137.80
Support Levels: 133.95, 130.71, 122.36

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GBPJPY Long term Trend: Bearish

In the daily outlook, medium-term tumble from 148.66 (high) is still in advancement. Break of the low level at 130.71 will target the lower level at 122.36 (2016 low). The structure of such decline is restorative looking up until this point, contending that it’s simply the second leg of ranging from 130.71. Hence, we’d anticipate that solid support from 130.71 should contain drawback to bring an inversion
On the upside, break of the level at 137.80, resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

 

GBPJPY Short term Trend: Bearish

Taking a look at the 4-hours time frame, the pair turned bearish after it settled underneath the level at 135.93 support zone. All the more significantly, the pair may close below the key technical resistance zone on the level at 137.80 high and the basic moving average normal on (4-hours) chart.
The ongoing decline was with the end goal that the pair exchanged to another 7-month low at 133.95. It is presently rectifying losses towards the level at 134.75 mid-zone. In any case, the pair is probably going to battle above the near term resistance level at 135.09.

 

 

Source: Learn2.trade

 

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