GBP/JPY extends gains and approaches 142.00

Pound rises across the board even on lack of Brexit clarification.
GBP/JPY holds bullish tone in the short-term.

Matías Salord FXStreet

The GBP/JPY pair kept rising after the beginning of the US session and reached at 141.90 the highest level since last Friday. The pair moved closer to the critical 142.00 area.

Earlier today, bottomed at 140.60 but then turned to the upside. Better-than-expected UK jobs data offered a minor boost to the pound on European hours. Later, the pair kept rising on the back of a stronger pound across the board. It is among the top performers despite the Brexit uncertainty context.

The move higher took place even with a slide of USD/JPY amid risk aversion. The Dow Jones index is falling more than 1%.

GBP/JPY Short-term bullish trend intact

The pair appears to be ready for another test of the 142.00 after a correction from 142.18 to today’s low. If the pounds managed to break and hold on top of 142.00 more gains seems likely. The next resistance levels are seen at 142.75/80 (Oct 26, Dec 4 low) followed by 143.00.

On the flip side, the key support is located around 140.50. Under that area, the 140.00 handle is expected to be tested. The next critical support is 139.50 (Dec 26 & 28 low / 20-day moving average).

GBP/JPY

Overview:
    Today Last Price: 141.74
    Today Daily change: 0.32 pips
    Today Daily change %: 0.23%
    Today Daily Open: 141.42
Trends:
    Daily SMA20: 139.47
    Daily SMA50: 142.11
    Daily SMA100: 144.45
    Daily SMA200: 145.48
Levels:
    Previous Daily High: 141.54
    Previous Daily Low: 140.69
    Previous Weekly High: 142.22
    Previous Weekly Low: 137.36
    Previous Monthly High: 145.52
    Previous Monthly Low: 138.86
    Daily Fibonacci 38.2%: 141.21
    Daily Fibonacci 61.8%: 141.01
    Daily Pivot Point S1: 140.89
    Daily Pivot Point S2: 140.37
    Daily Pivot Point S3: 140.04
    Daily Pivot Point R1: 141.75
    Daily Pivot Point R2: 142.07
    Daily Pivot Point R3: 142.6

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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