GBP/JPY Price Analysis: Better bid, but falling channel breakout elusive


  • GBP/JPY remains trapped in a falling channel on the 4-hour chart. 
  • A breakout would mark a resumption of the uptrend from 132.00.

GBP/JPY is trading near 134.72 at press time, representing a 0.12% gain on the day. 

The pair is still trapped in a falling channel represented by trend lines connecting July 9 and July 13 highs and July 10 and July 14 lows, as seen on the 4-hour chart. 

A breakout would imply a resumption of the rally from the June 30 low of 132.02 and open the doors for a re-test of the recent high of 135.92. 

Some would argue that a close above 135.17 would be more credible evidence of the revival of the bullish trend. That sounds logical, as a close above 15.17 would mean the period of indecision, as represented by Thursday’s Doji candle, has ended in a victory for the bulls. 

As such, the channel resistance at 134.78 and Thursday’s high of 135.17 are the level to watch out for during the day ahead. 

On the downside, the July 14 low of 133.98 is the level to beat for the sellers. 

4-hour chart

Trend: Teasing bull breakout

Technical levels

GBP/JPY

Overview
Today last price 134.72
Today Daily Change 0.07
Today Daily Change % 0.05
Today daily open 134.64
 
Trends
Daily SMA20 133.91
Daily SMA50 133.76
Daily SMA100 133.59
Daily SMA200 137.72
 
Levels
Previous Daily High 135.17
Previous Daily Low 134.06
Previous Weekly High 135.92
Previous Weekly Low 134.03
Previous Monthly High 139.74
Previous Monthly Low 131.77
Daily Fibonacci 38.2% 134.75
Daily Fibonacci 61.8% 134.48
Daily Pivot Point S1 134.08
Daily Pivot Point S2 133.51
Daily Pivot Point S3 132.96
Daily Pivot Point R1 135.19
Daily Pivot Point R2 135.74
Daily Pivot Point R3 136.3

 

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