GBP/JPY Price Analysis: Bears catch a breather around two-week-old support line

GBP/JPY stays heavy around a short-term support line after breaking 136.00 threshold.
Bearish MACD, sustained trading below 200-bar SMA keeps the sellers hopeful.
Buyers will have multiple upside barriers below 139.00.

Anil Panchal FXStreet

GBP/JPY drops to 135.87, down 0.25% intraday, during Friday’s Asian session. In doing so, the pair fades Thursday’s bounce off an ascending trend line from October 02 amid bearish MACD signals. The sellers also have an additional plus point in the form of the quote’s weakness below 200-bar SMA.

Hence, GBP/JPY bears targeting the monthly low near 135.00 are rolling their sleeves to break the immediate trend line support of 135.80.

During the pair’s further downside past-135.00, 134.60 and 133.50 can entertain the traders ahead of directing them to September month’s bottom surrounding 133.00.

Alternatively, a confluence of 38.2% Fibonacci retracement of GBP/JPY declines during September and 200-bar SMA near 136.70/75, offers immediate key resistance.

Following that the monthly high and 50% Fibonacci retracement can entertain bulls around 137.85 before highlighting September 10 peak close to 138.40 and 61.8% Fibonacci retracement level close to 139.00.

GBP/JPY four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	135.91
Today Daily Change	-0.30
Today Daily Change %	-0.22%
Today daily open	136.21

Trends
Daily SMA20	135.9
Daily SMA50	137.72
Daily SMA100	136.52
Daily SMA200	136.49

Levels
Previous Daily High	137.18
Previous Daily Low	135.77
Previous Weekly High	137.84
Previous Weekly Low	135.91
Previous Monthly High	142.72
Previous Monthly Low	133.05
Daily Fibonacci 38.2%	136.31
Daily Fibonacci 61.8%	136.64
Daily Pivot Point S1	135.59
Daily Pivot Point S2	134.98
Daily Pivot Point S3	134.19
Daily Pivot Point R1	137
Daily Pivot Point R2	137.79
Daily Pivot Point R3	138.41

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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