GBP/JPY Price Analysis: Off lows, but key resistance intact
|- GBP/JPY has erased early losses, but remains below hurdle at 137.45.
- A close higher would signal a continuation of the recovery from September lows.
GBP/JPY is currently trading largely unchanged on the day at 137.10, having put in a low of 136.93 early Friday.
Despite the recovery, the pair is still trapped in Thursday's range of 136.68 and 137.41.
Besides, the range of 137.35-137.45 has proved a tough nut to crack since Oct. 5.
Hence a close above that level is needed to revive the recovery rally from the Sept. 22 low of 133.04. On the higher side, immediate resistance is seen at 137.80 – the 50-day simple moving average.
Alternatively, a break below the 200-day SMA at 136.57 would imply an of the recovery rally.
Daily chart
Trend: Bullish above 137.45
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.