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GBP/JPY Daily PRice CHART (FEB 23 – April 29, 2020) Zoomed In
From the daily chart, we noticed that on April 9 GBP/JPY rallied to its highest level in a near five weeks. The price U-turned after, signalling a weaker bullish sentiment. On April 21, GBP/JPY declined to the current trading zone 128.84 -133.30.
The market failed on multiple occasions to return to the higher zone. Therefore, GBPJPY may fall towards the low end of the aforementioned trading zone. A further close below that level could send the price even lower towards 125.50. In that scenario, the weekly support levels underlined on the chart (zoomed in) should be considered.
On the other hand, a close above the high end reflects bears hesitation. This could start a rally towards the 137.83. A further close above that level may extend this rally towards 143.20. That being said, the daily and weekly resistance levels marked on the chart would be worth monitoring.
