GBPJPY Technical Analysis – July 16, 2021

GBPJPY fell on Thursday, and the technical bias is bearish due to lower highs in the recent downtrend.

The pair is currently trading near 151.995, and multiple resistance level can be seen above which may prevent the price from rising further.

  • Resistance level 1: 152.200
  • Resistance level 2: 152.400
  • Resistance level 3: 152.720

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

  • Support level 1: 151.650
  • Support level 2: 151.330
  • Support level 3: 151.000

Japan will release its June inflation data next Tuesday. Higher data will indicate that it is beneficial to the Yen, so it is negative for the GBPJPY currency pair, and vice versa.

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