GBP/JPY Technical Analysis: Forms a base near 100-hour SMA ahead of UK CPI/Cabinet meeting
|• The cross on Tuesday rebounded sharply from 50% Fibonacci retracement level of the 142.77-149.49 recent upsurge and now seemed to form a base near 100-hour SMA.
• Technical indicators on hourly/daily charts have managed to hold in bullish territory and thus, support prospects for an extension of the intraday positive momentum.
• Despite a constructive set-up, the cross was seen oscillating in a narrow trading band as traders seemed reluctant to place aggressive bets ahead of the crucial UK Cabinet meeting.
• A sustained below the mentioned support, leading to a subsequent breakthrough the very important 200-day SMA, might negate the bullish outlook and prompt some aggressive selling.
GBP/JPY
Overview:
Last Price: 148.05
Daily change: 65 pips
Daily change: 0.441%
Daily Open: 147.4
Trends:
Daily SMA20: 146.3
Daily SMA50: 146.87
Daily SMA100: 145.83
Daily SMA200: 147.31
Levels:
Daily High: 148.74
Daily Low: 146
Weekly High: 149.5
Weekly Low: 146.86
Monthly High: 149.52
Monthly Low: 142.78
Daily Fibonacci 38.2%: 147.69
Daily Fibonacci 61.8%: 147.04
Daily Pivot Point S1: 146.02
Daily Pivot Point S2: 144.64
Daily Pivot Point S3: 143.28
Daily Pivot Point R1: 148.76
Daily Pivot Point R2: 150.12
Daily Pivot Point R3: 151.5
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