- GBP/JPY picks up bids after refreshing three week low.
- An ascending trend line from February 26 tests bears.
- Bulls need to cross 200-SMA for fresh entries.
GBP/JPY prints mild gains while picking up bids near 150.06 ahead of Wednesday’s London open. In doing so, the quote keeps bounce off a seven-week-old support line.
While RSI recovery backs the quote’s corrective pullback from the key trend line support, 200-SMA level of 150.91 becomes a tough nut to crack for the bulls.
However, extended recovery towards 50% Fibonacci retracement level of late-February to early April rise, around 150.40, can’t be ruled out.
Alternatively, a 61.8% Fibonacci retracement level of 149.70 can act as immediate support ahead of highlighting the stated support line, near 149.60, for the GBP/JPY bears.
In a case where GBP/JPY remains depressed below 149.60, March 24 low close to 148.50 will be in the spotlight.
Overall, GBP/JPY remains pressured but the bears need validation.
GBP/JPY four-hour chart
Trend: Further weakness expected
Additional important levels
|Today last price||150.05|
|Today Daily Change||0.08|
|Today Daily Change %||0.05%|
|Today daily open||149.97|
|Previous Daily High||150.83|
|Previous Daily Low||149.68|
|Previous Weekly High||153.42|
|Previous Weekly Low||149.59|
|Previous Monthly High||152.79|
|Previous Monthly Low||148.12|
|Daily Fibonacci 38.2%||150.12|
|Daily Fibonacci 61.8%||150.39|
|Daily Pivot Point S1||149.48|
|Daily Pivot Point S2||149|
|Daily Pivot Point S3||148.33|
|Daily Pivot Point R1||150.64|
|Daily Pivot Point R2||151.31|
|Daily Pivot Point R3||151.8|
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