GBP/JPY Technical Analysis: Any meaningful up-move likely to get sold into
|• The cross broke out of its Asian session consolidation phase and was now seen building on overnight goodish rebound from the 141.00 neighbourhood, or 3-1/2 month lows.
• Comments by Irish foreign minister Simon Coveney triggered a bit of short-squeeze in the British Pound and turned out to be one of the key factors driving the cross higher.
• A sustained move above 20-hour SMA triggered some intraday positive momentum, though 61.8% Fibonacci retracement level of the overnight downfall capped further gains.
• Mixed technical indicators on the 1-hourly chart have just started moving out of the negative territory but maintain their bearish bias on 4-hourly/daily charts.
• Hence, any subsequent up-move seems more likely to get sold into as focus shifts to the latest UK employment details and the UK PM May's meeting today with the EU officials.
GBP/JPY 1-hourly chart
GBP/JPY
Overview:
Today Last Price: 142.6
Today Daily change: 33 pips
Today Daily change %: 0.232%
Today Daily Open: 142.27
Trends:
Previous Daily SMA20: 144.81
Previous Daily SMA50: 146.08
Previous Daily SMA100: 145.44
Previous Daily SMA200: 146.82
Levels:
Previous Daily High: 143.72
Previous Daily Low: 141.18
Previous Weekly High: 145.52
Previous Weekly Low: 142.84
Previous Monthly High: 149.5
Previous Monthly Low: 144.02
Previous Daily Fibonacci 38.2%: 142.15
Previous Daily Fibonacci 61.8%: 142.75
Previous Daily Pivot Point S1: 141.06
Previous Daily Pivot Point S2: 139.85
Previous Daily Pivot Point S3: 138.52
Previous Daily Pivot Point R1: 143.59
Previous Daily Pivot Point R2: 144.92
Previous Daily Pivot Point R3: 146.13
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.