GBP/JPY Price Analysis: 140.85/80 questions the breakdown of 100-day SMA

GBP/JPY struggles around near-term horizontal support.
Buyers will look for entry beyond 100-day SMA.
A downside break can take aim at 50% Fibonacci retracement.

Anil Panchal FXStreet

GBP/JPY pulls back from seven-week low while trading around 140.30 during Friday’s Asian session. Even so, the pair nears the key horizontal support established since early December 2019 after the quote slipped below 100-day SMA the previous day.

Hence, sellers will look for entry below 140.85/80 support while targeting 50% Fibonacci retracement of October-December 2019 upside, near 139.20.

However, pair’s further declines could be questioned around 138.70, if not then 61.8% of Fibonacci retracement close to 137.10 will be on the bears’ radars.

On the upside, buyers will refrain from entering unless GBP/JPY prices bounce back beyond a 100-day SMA level of 141.85.

In doing so, 142.60, 143.40 and 23.6% Fibonacci retracement level of 143.83 can offer intermediate halts during the recovery challenging the monthly high close to 145.00.

GBP/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	141.28
Today Daily Change	-1.29
Today Daily Change %	-0.90%
Today daily open	142.57

Trends
Daily SMA20	142.82
Daily SMA50	142.8
Daily SMA100	141.78
Daily SMA200	137.7

Levels
Previous Daily High	143.72
Previous Daily Low	142.24
Previous Weekly High	144.96
Previous Weekly Low	142.32
Previous Monthly High	144.61
Previous Monthly Low	140.83
Daily Fibonacci 38.2%	142.8
Daily Fibonacci 61.8%	143.16
Daily Pivot Point S1	141.97
Daily Pivot Point S2	141.36
Daily Pivot Point S3	140.48
Daily Pivot Point R1	143.45
Daily Pivot Point R2	144.33
Daily Pivot Point R3	144.94

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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