- GBP/JPY struggles to keep recovery moves from 135.80.
- The key EMA, mid-June top question the buyers cheering break of 100-day EMA.
- Bears may remain cautious unless breaking nine-week-old resistance line.
GBP/JPY recedes from 136.14 to 136.00 amid the initial trading on Tokyo’s bourses during Wednesday. The quote rose to the highest since June 11 the previous day. However, failure to provide a daily closing past-200-day EMA increases the odds of a pullback.
Hence, a 100-day EMA level around 134.85 regains the market’s attention ahead of 134.00 round-figure support. Though, an upward sloping trend line from May 18, at 133.40 now, will question the bears afterward.
In a case where the GBP/JPY prices remain pressured below 133.40, 50% and 61.8% Fibonacci retracements of the March-June upside, respectively around 131.90 and 130.65, could entertain the sellers before diverting them to May month’s bottom near 129.30.
On the contrary, a 200-day EMA level of 136.15 and June 16 peak surrounding 136.35 can restrict the pair’s immediate upside ahead of 137.00 resistance level.
During the quote’s rise past-137.00, 137.40/45 and 138.80 might offer intermediate halts prior to pushing the bulls to June month’s top surrounding 139.75, followed by 140.00 threshold.
GBP/JPY daily chart
Trend: Pullback expected
Additional important levels
|Today last price||136.03|
|Today Daily Change||0.05|
|Today Daily Change %||0.04%|
|Today daily open||135.98|
|Previous Daily High||136.44|
|Previous Daily Low||135.68|
|Previous Weekly High||135.49|
|Previous Weekly Low||133.99|
|Previous Monthly High||139.74|
|Previous Monthly Low||131.77|
|Daily Fibonacci 38.2%||136.15|
|Daily Fibonacci 61.8%||135.97|
|Daily Pivot Point S1||135.63|
|Daily Pivot Point S2||135.27|
|Daily Pivot Point S3||134.87|
|Daily Pivot Point R1||136.39|
|Daily Pivot Point R2||136.8|
|Daily Pivot Point R3||137.15|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.