GBP/JPY Price Analysis: Extends pullback from weekly resistance line towards 100-HMA
|- GBP/JPY fails to repeat Monday’s upbeat performance while easing from the short-term resistance line.
- 100-HMA, Friday’s low off halts before directing bears to the monthly low.
GBP/JPY drops to 136.56, down 0.05% intraday, during the pre-UK open trading on Tuesday. The pair surged to the highest in four days on Monday but failed to cross a downward sloping trend line from October 11.
The resultant moves tried bouncing off 100-HMA but failed to rise past-136.77, which in turn directs the quote towards revisiting the HMA level of 136.43.
With the normal RSI conditions favoring the bears, the quote is likely to remain pressured below 136.43 while directing the GBP/JPY sellers towards the 136.00 threshold.
Though, any more weakness below 136.00 will be tamed by a two-day bottom surrounding 135.40, a break of which will challenge the monthly low of 135.05.
Meanwhile, an upside clearance of the mentioned resistance line, at 137.20 now, will help the GBP/JPY bulls to aim for the monthly high near 137.85 before attacking the 138.00 round-figure.
GBP/JPY hourly chart
Trend: Bearish
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.