Bottom line: GBPJPY long term structure continues to remain bullish against 124.00 lows. Over the short term though, the currency has managed to carve a meaningful high around 143.00 mark. Bears might be poised to remain in control for now.

 Fundamental Outlook:

USDCHF had dropped to weekly low around 0.9160/65 yesterday before finding some bids. The exchange rate is trading close to 0.9200 mark for now and is expected to gain further from here. The US Dollar might be setting up to gain across major currencies over the next few weeks as no deal has been reached on another stimulus.

GBPJPY has managed to rally through 137.00 highs yesterday after having dropped to 133.00 lows over the past week. The anti-risk Japanese Yen has declined as global equity markets rallied in the past few sessions. The exchange might gain further through 138.00/50 mark if the optimism persists in risk assets and vice versa.

Ethereum has managed to raise through 371.00 yesterday before finding renewed selling pressure. The crypto had dropped to 313.00 over the last week on US Dollar strength before finding support. With the US Dollar set to gain, Ethereum might remain under pressure and drop below 313.00 intermediary support.

Technical Analysis:

GBPJPY bulls have managed to produce a reasonable pullback towards 137.00 levels over the past few trading sessions. The currency is pulling back lower and trades around 135.35 as we prepare to publish. The entire pullback might reach 138.00/50 levels before bears resume lower again.

Alternately if bears manage to push below 133.00 interim lows, GBPJPY might push towards 130.00/131.00 levels respectively. Earlier, the currency had dropped from 143.00 through 133.00 carving an impulse drop, which should ideally be followed by a corrective rally.

Also note that fibonacci 0.618 resistance of the recent drop between 143.00 and 133.00 is seen passing through 138.00/139.00 zone. High probability remains for a bearish reversal, if prices managed to reach there. Support turned resistance trend line might also add to bearish outlook.

Most traders might be preparing to initiate fresh short positions from around 138.00/139.00 resistance zone, with protective stops above 143.00 and projected targets below 130.00 levels respectively. Ideally, 143.00 levels should remain intact for now.

Prepared by

Harsh Japee, Technical Analyst.

GBPJPY Chart

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