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GBPJPY Struggles Around Short-Term Important Support-Confluence

5 September 2017 11:41 AM BDT
GBPJPY Struggles Around Short-Term Important Support-Confluence

Having failed to extend its recovery beyond 143.00, the GBPJPY dropped to the week's low on early Tuesday; however, the 141.15 25 support confluence, comprising lower line of immediate "Rising Wedge" & a horizontal region, seems restricting the pair's further downside at the moment. Should prices bounce off the 141.15 25 area, the 142.00 and the 142.50 55 may offer nearby resistances to the quote prior to pushing it towards the bearish formation's upper line of 143.10. In case if buyers manage to propel prices above 143.10, the 143.30, the 143.70 and the 144.20 are likely consecutive north side numbers to appear on the chart.

Meanwhile, pair's break of 141.15 confirms the downturn signaling technical pattern and may drag it to the 140.40 and the 140.00 adjacent supports while 139.75 and the 139.30 may please sellers afterwards. If at all the pair declines below 139.30, chances of its plunge to 61.8% FE level of 138.30 can't be denied.

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