GBPJPY Technical Analysis – April 07, 2021

The pound fell on Tuesday, and the technical bias was bearish due to lower lows in the recent downtrend.

The pound is currently trading around 151.900 on a daily basis, and multiple resistance levels can be seen above the price, which may prevent the price from rising.

  • Resistance level 1: 153.400
  • Resistance level 2: 152.730
  • Resistance level 3: 152.250

Below the price, there are multiple support levels. It is necessary to observe the support effect of the price falling to these positions, which may prevent further declines.

  • Support level 1: 151.450
  • Support level 2: 151.050
  • Support level 3: 150.300

In terms of data, UK will release March Markit service industry PMI data on Wednesday. The higher the data the more beneficial it is to the British pound, on Thursday, Japan will release the February trade account data. The higher the data the more beneficial to the yen, investors need to pay close attention to it.

All in all, given the recent price trends and economic development, it is a good choice to sell the pound-yen currency pair near the current level.