GBP/JPY Technical Analysis: Set-up points to an extension of the bearish trend
|• The cross reversed a dip to the 144.00 neighborhood, or fresh monthly lows, and rallied around 85-pips, albeit struggled to build on the momentum beyond 50-hour SMA.
• Currently hovering around mid-144.00, the cross has been oscillating in a trading range held since the US trading session on Thursday, forming a rectangle on hourly charts.
• Given that the cross has been struggling to register any meaningful recovery, the rectangular formation might be categorized as a continuation pattern and seen as a pause in the trend.
• Technical indicators on hourly/daily charts have also failed to recover from the bearish territory and add credence to the negative outlook amid the latest UK political turmoil/Brexit uncertainties.
• However, it would be prudent to wait for a convincing breakthrough the mentioned range, and a follow-through selling below the 114.00 handle, before positioning for any further depreciating move.
GBP/JPY
Overview:
Last Price: 144.57
Daily change: -6.0 pips
Daily change: -0.0415%
Daily Open: 144.63
Trends:
Daily SMA20: 146.05
Daily SMA50: 147.01
Daily SMA100: 145.84
Daily SMA200: 147.18
Levels:
Daily High: 145.32
Daily Low: 144.3
Weekly High: 148.74
Weekly Low: 144.26
Monthly High: 149.52
Monthly Low: 142.78
Daily Fibonacci 38.2%: 144.69
Daily Fibonacci 61.8%: 144.93
Daily Pivot Point S1: 144.18
Daily Pivot Point S2: 143.72
Daily Pivot Point S3: 143.15
Daily Pivot Point R1: 145.2
Daily Pivot Point R2: 145.78
Daily Pivot Point R3: 146.23
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