GBPJPY technical analysis.
GBPJPY - Daily
Market (55 above 21) is bearish. Price (8 above 5) is bearish. Stochastic is oversold. Support levels at 139.0/138.50, 137.50, 137.0. Resistance levels at MS3/140.0, MS2/142.0, MM1/143.0. Daily chart is in a range and price is almost at the bottom of the range at 139.0/138.50 and Bulls will look to buy there with an oversold stochastic.
GBPJPY - H4
Market (55 above 21) is bearish. Price (8 above 5) is flat. Stochastic is oversold. Support levels at 139.50, WS1/139.0, WM1/138.50. Resistance levels at WM2/140.0/MS3, WPP/141.0, WM3/142.0/MS2. Trend is bearish and bears will try and push price down to WM1 (Bear profit zone). As per pivot point theory when price hit WM1 it might return to WPP, which is an opportunity for Bulls to do a counter trade and buy at WM1. If price breaks through the WM2/140.0/MS3 resistance level, Bulls can wait for a pull back and buy at role reversal.