GBPJPY – Steep downtrend breaks below psychological 140.00 support
|GBPJPY
The cross is holding in steep downtrend for the third straight day, as strong demand for safe haven yen maintains pressure on the pair. Fresh acceleration lower on Friday dented psychological 140.00 support, opening way towards key support at 138.66 (12 June low) to fully retrace 138.66/147.77 recovery rally. Daily studies are full bearish setup and maintain strong downside pressure, with additional bearish signal coming from formation of 10/200SMA death-cross. Close below 140.00 will be an additional bearish signal, as the pair is on track for the third straight bearish weekly close. However, daily RSI and slow stochastic entered oversold territory and corrective action on profit-taking / oversold studies could be expected in coming sessions. Likely scenario could be seen as hesitation on approach to key 138.66 support.
Res: 140.40; 140.86; 141.09; 141.62
Sup: 139.84; 139.19; 139.00; 138.66
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.