Forex Analysis:GBPJPY Immediate Resistance Seen Around 136.00

Bottom line: GBPJPY medium term outlook has turned bearish against 140.00 levels already. …

Bottom line: GBPJPY medium term outlook has turned bearish against 140.00 levels already. Furthermore, bears seem to be back in control as they resume lower from 135.92 highs yesterday. Looking lower from here.

Fundamental Outlook:

USDCHF has reversed from 0.9362 levels, yesterday’s lows and is back above 0.9400 mark as we prepare to publish this update. The US Dollar gained across the board during New York Session and might continue to gain further. Pro risk currencies EURO, Aussie Dollar dropped against the US Dollar.

Global Equities reversed from their respective day’s highs including Dow Jones, SPX500, DAX and FTSE. Asian Markets are set to follow suit as risk aversion returns. Believe it or not, this might just be the beginning of a more dramatic collapse across risk assets.

COVID-19 infections have now crossed the 12 million mark with over 550,000 deaths. Mexico alone has seen over 7K infections and 730 deaths. The suspected second wave of COVID-19 infections and economic growth issues remain cause of concern for WHO and Central Banks respectively.

Technical Analysis:

GBPJPY bears seem to be back in control after a brief counter trend rally terminated around 135.92 levels yesterday. The currency might be targeting below 129.00 interim support in the next few trading sessions. The next target could be 124.00 support, going further.

GBPJPY had dropped from 148.00 through 124.00 earlier. The entire drop was retraced towards fibonacci 0.618 levels around 138.00/139.00. Furthermore, GBPJPY has now managed to carve yet another lower high around 135.92 levels.

GBPJPY bears re expected to remain in control until prices stay below 136.00 over the short term. Most traders might be preparing to initiate fresh short positions as close to 135.00, with protective stops just above 136.00 and projected targets as 129.00 and 124.00, going forward.

Prepared by

Harsh Japee, Technical Analyst.




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