Home GBP/JPY Price Analysis: Off lows, but key resistance intact
FXStreet News

GBP/JPY Price Analysis: Off lows, but key resistance intact

  • GBP/JPY has erased early losses, but remains below hurdle at 137.45. 
  • A close higher would signal a continuation of the recovery from September lows. 

GBP/JPY is currently trading largely unchanged on the day at 137.10, having put in a low of 136.93 early Friday. 

Despite the recovery, the pair is still trapped in Thursday’s range of 136.68 and 137.41. 

Besides, the range of 137.35-137.45 has proved a tough nut to crack since Oct. 5. 

Hence a close above that level is needed to revive the recovery rally from the Sept. 22 low of 133.04. On the higher side, immediate resistance is seen at 137.80 – the 50-day simple moving average.  

Alternatively, a break below the 200-day SMA at 136.57 would imply an of the recovery rally. 

Daily chart

Trend: Bullish above 137.45

Technical levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.