GBPJPY Eyes Further Bear Pressure On Correction

Mohammed Isah FXTechstrategy

GBPJPY eyes further bear pressure on correction as it targets the 141.50 level. On the downside, support comes in at the 141.00 level where a violation will aim at the 140.50 level. A break below here will target the 140.00 level followed by the 139.50 level. Conversely, resistance is seen at the 142.50 level followed by the 143.00 level. A cut through that level will set the stage for a move further higher towards the 143.50 level. Further out, resistance resides at the 144.00 level. All in all, GBPJPY faces further downside pressure with eyes on key support.

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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