HomeContributorsTechnical AnalysisGBPJPY Sees Price Reversal On Sell Off

GBPJPY Sees Price Reversal On Sell Off

GBPJPY looks to weaken further on price sell off as it retains its broader medium term weakness. On the downside, support comes in at the 130.50 level where a violation will aim at the 130.00 level. A break below here will target the 129.50 level followed by the 129.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 131.00 level followed by the 131.50 level. A cut through that level will set the stage for a move further higher towards the 132.00 level. Further out, resistance resides at the 132.50 level. All in all, GBPJPY remains biased to the downside on further price weakness.

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Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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