GBP/JPY Price Analysis: Eyes to regain 150.00 ahead of British budget

GBP/JPY refreshes intraday high with 149.20 figures during the early Wednesday. In doing so, the quote justifies high hopes from today’s UK budget, ba  |  03/03/2021 03:28
  • GBP/JPY takes bids near intraday high, battles one-week-old hurdle.
  • Sustained trading above key SMA, trend lines join hopes of easy British budget to favor bulls.
  • Horizontal area from mid-February adds to the downside filters.

GBP/JPY refreshes intraday high with 149.20 figures during the early Wednesday. In doing so, the quote justifies high hopes from today’s UK budget, backed by official hints to do “whatever it takes”.

Also on the positive side could be the strong RSI and successful trading above the key short-term support line, SMA.

However, a one-week-old horizontal area surrounding 149.20-25 questions the pair’s run-up to the yearly peak of 150.44. On its way up, GBP/JPY may catch a breather around the 150.00 threshold.

It should be noted that the quote’s sustained rise past-150.44 will have to cross April 20, 2018 low near 150.65-70 before extending the gains.

Meanwhile, 50-bar SMA and an upward sloping trend line from early February, respectively around 148.65 and 148.15, restrict the short-term downside of the GBP/JPY.

Also acting as the key immediate support is a region comprising multiple levels marked since February 16 around 147.40-45.

GBP/JPY daily chart

Trend: Bullish

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com