GBPJPY Technical Analysis – July 12, 2021

GBPJPY rose on Friday, and the technical bias is bullish due to higher highs in the recent uptrend.

The pair is currently trading near 153.044, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 153.380
  • Resistance level 2: 153.720
  • Resistance level 3: 154.050

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 152.830
  • Support level 2: 152.600
  • Support level 3: 152.250

On Wednesday, the United Kingdom will announce its June inflation data. Higher data will indicate that it is beneficial to the Pound, so the GBPJPY currency pair is positive, and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to buy the GBPJPY currency pair near the current level.