GBP/JPY technical analysis: Multiple upside barriers on the road to recovery
|- GBP/JPY remains positive above 23.% Fibonacci retracement.
- 134.83/95 stands first in the series of resistances comprising trend-line and key moving averages.
Despite successfully trading above 23.6% Fibonacci retracement of a recent downpour, the GBP/JPY pair lags behind many key resistances as it takes the rounds to 134.70 during the early Asian session on Friday.
The 134.83/95 area comprising Thursday’s top and July 15 low becomes the first resistance buyers have to clear ahead of confronting a week-long descending trend-line at 135.10.
Should prices rally past-135.10, 200-hour moving average (200-HMA) around 135.23 and 61.8% Fibonacci retracement level of 135.36 hold the keys to 7-day long descending trend-line at 135.65.
Alternatively, the pair’s decline below 23.6% Fibonacci retracement level of 134.43 might not refrain from highlighting the latest low of 133.85 for sellers.
GBP/JPY hourly chart
Trend: Pullback expected
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.