GBPJPY eases but still away from key daily cloud top support

Slobodan Drvenica Windsor Brokers

GBPJPY

The cross dipped on weaker than expected UK data, turning near-term focus lower after upside attempts were repeatedly capped by 10SMA.
Additional pressure comes from formation of 10/20SMA bear-cross which could result in fresh attack at daily cloud top (148.19).
The support was attacked several times but without clear break lower with last downside rejection seen yesterday, when the price spiked to 148.05 (the lowest since 20 Oct) but subsequent quick bounce signaled another downside failure.
Daily indicators are in mixed mode and so far do not give clear direction signal.
Penetration into daily cloud and violation of next pivot at 147.67 (Fibo 38.2% of 139.30/152.85 ascend) will be negative signal while sustained break above 10/20SMA's would shift near-term bias higher.

Res: 149.18; 149.50; 149.67; 150.00
Sup: 148.77; 148.14; 148.05; 147.67

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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