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GBP, JPY, Yen, Pound, Technical Analysis

GBP/JPY Rises Gradually

Adel 16 November, 2020 11:31 am Daily Technical Analysis, Technical Analysis

Positive trading returned to dominate pound’s movements against Japanese yen, benefiting from the 137.10 support floor, heading towards re-testing the 138.30 resistance level.

Technically, we lean towards negativity given that trading remains above 137.60 with positive catalysis from the 50-day moving average.

From here, we target 138.65 as a first target, bearing in mind that the confirmation of the breach enhances the chances of the rally to visit 139.20.

Trading again below 137.60 forces the pair to re-visit 137.10 before attempting to rise again.

S1: 137.60R1: 138.65    
S2: 137.10R2: 139.20    
S3: 136.65    R3: 139.65   

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