- GBP/JPY extended the previous day’s retracement slide from six-month tops.
- The technical set-up supports prospects for the emergence of some dip-buying.
- Bulls might now wait for a sustained move back above the 142.00 round-figure.
The GBP/JPY cross lacked any firm directional bias and seesawed between tepid gains/minor losses, just above mid-141.00s through the early North American session.
The lower end of the daily trading range coincides with over one-week-old ascending trend-channel and is closely followed by 100-hour SMA, around the 141.25 region. A convincing breakthrough the mentioned support levels will be seen as a fresh trigger for bearish traders and set the stage for an extension of the retracement slide from Tuesday's six-month tops.
Meanwhile, technical indicators on the daily charts have already eased from the overbought territory and maintained their bullish bias on the 4-hourly chart. The set-up supports prospects for the emergence of some dip-buying at lower levels and warrants some caution before placing aggressive bearish bets or positioning for any meaningful decline.
On the flip side, the 142.00 round-figure mark now becomes immediate strong resistance. A sustained strength beyond has the potential to lift the cross back towards the overnight swing high, around the 142.00 round-figure mark. Bulls might then aim for a move beyond the 143.00 level, possibly towards reclaiming the 144.00 mark for the first time since February.
GBP/JPY 4-hourly chart
Technical levels to wtach
|Today last price||141.53|
|Today Daily Change||-0.29|
|Today Daily Change %||-0.20|
|Today daily open||141.82|
|Previous Daily High||142.72|
|Previous Daily Low||141.34|
|Previous Weekly High||141.62|
|Previous Weekly Low||138.29|
|Previous Monthly High||142.04|
|Previous Monthly Low||137.75|
|Daily Fibonacci 38.2%||142.19|
|Daily Fibonacci 61.8%||141.86|
|Daily Pivot Point S1||141.19|
|Daily Pivot Point S2||140.57|
|Daily Pivot Point S3||139.81|
|Daily Pivot Point R1||142.58|
|Daily Pivot Point R2||143.34|
|Daily Pivot Point R3||143.96|
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