GBP/JPY technical analysis: Struggles below descending trend-line/100-hour SMA confluence resistance
|• The GBP/JPY cross struggled to register any meaningful recovery and remained well within the striking distance of three-month lows set on Friday.
• Any attempted intraday rebounds have been facing stiff resistance near a short-term descending trend-line, which coincides with 100-hour SMA.
• The mentioned confluence region might now act as an important pivotal point and a key trigger for intraday traders/any meaningful recovery.
Technical indicators on hourly charts have been recovering but maintained their bearish bias, while remained in the oversold territory on the daily chart and support prospects for some short-covering bounce.
A sustained move beyond the 140.80-70 support break-point, now turned resistance, will reinforce the expectations and lift the cross further beyond the 141.00 handle towards testing its next major hurdle near the 141.30 region.
On the flip side, weakness below the 139.70-65 region would pave way for an extension of the near-term bearish trajectory further towards challenging the 139.00 round figure mark en-route 138.75 horizontal support.
GBP/JPY 1-hourly chart
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