GBP/JPY: Bulls may become aggressive above 141 level.

Overview: GBP/JPY trades near 140.70 at press time, having clocked a high of 140.95 early Monday. The daily chart shows 141.00 is the level to beat for the bulls. The pair has failed at least four times to keep gains above that level over the past two weeks but still rising above support lines. The market momentum is towards the rising point in the chart. The pair is creating a high volume in the market. The pair’s recent moves ride the market towards the higher highs in the market. The short-term buyers can go-ahead with the buy in the market. The GBP/JPY is likely to remain on the bulls Rader can put the bullish segment more in the market. likely the pair creates the ascending channel pattern in the market.

Technical Analysis We can conclude from the technical point of view that the market will create a bullish side in the market. the long-term uptrend remains intact even through price action creating recent highs in this system. The bulls are playing at the front foot in this system and taking the market towards the higher highs in this system. The potential threat of a harsher lockdown in the UK may result in an extended sell-off which could see GBP/JPY trade closer to horizontal support around 139.50. A bounce off the ascending trendline, however, could suggest that the bullish trend is not done yet. Resistance remains at the recent high of 141.40. Subsequent buying would bring into focus a high of 142.70 .

On the 4 hourly charts the market creating higher highs in the market. RSI also steps towards the high above 50 lines and creating the bullish signals and MACD also above the zero lines creates buy signals. The support of the line is 140.00 followed by 139.00 and resistance 142.00 followed by 143.00.

Trade idea: we can conclude from the above content buyers should go for buy at level 141.16 and target will be 143.09 -145.00 and stop loss will be 138.56.

 

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