Denis Joeli Fatiaki
Independent Analyst
GBP/JPY: British Pound rebound at 141.555; critical resistance at 142.415
What is going on now with GBP/JPY?
GBP/JPY: The British Pound held on to its position above 143.080 in yesterday's session and reached 143.590 but failed to continue to the upside and fell to 142.415 support. The pair attempted to head back up during the overnight session at 142.760 but failed and continued down to 141.172
Our forecast
GBP/JPY: The British Pound managed to find support at 141.555 in this mornings session. The pair proceeded to 142.415 resistance but was pushed back and currently trades at 142.106. The Pound needs to break and remain above 142.415 to continue to the upside. The pair could fall to 141.555 if it fails to hold at 141.925
Support/Short-141.925, 141.555, 141.075, 140.535
Resistance/ Long - 142.415, 142.760, 143.080, and 143.325
Chart 1: The short-term view of the GBP/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the GBP/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply stop losses to protect your capital, take profit and exit your position.
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