• GBP/JPY battles key resistance confluence the fourth time.
  • 200-HMA, weekly ascending triangle’s upper line challenge bulls.
  • Sellers will have to wait for the bearish chart pattern’s confirmation.

GBP/JPY trims intraday gains while declining to 139.25 during the early Wednesday’s trading. In doing so, the pair marks another failure to cross the key resistance convergence including 200-HMA and the resistance line of a short-term ascending triangle.

With the repeated pullbacks from the strong resistance, GBP/JPY sellers will wait for a confirmation of the triangle breakdown, with a sustained drop below 138.60, for fresh entries. However, an intermediate correction towards 139.00 and 138.80 can’t be ruled out.

During the quote’s downside past-138.60, the monthly low near 137.90 and November 19 bottom around 137.20 will be in the spotlight.

On the upside, a clear break of 139.40 will target the 140.00 threshold whereas the monthly high near 140.70 can return to the charts afterward.

In a case where the GBP/JPY bulls keep the reins above 140.70, the 142.00 round-figure will be on their radars.

GBP/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 139.26
Today Daily Change 0.13
Today Daily Change % 0.09%
Today daily open 139.13
 
Trends
Daily SMA20 138.91
Daily SMA50 137.52
Daily SMA100 137.67
Daily SMA200 135.59
 
Levels
Previous Daily High 139.38
Previous Daily Low 138.41
Previous Weekly High 140.71
Previous Weekly Low 138.38
Previous Monthly High 140.32
Previous Monthly Low 134.87
Daily Fibonacci 38.2% 138.78
Daily Fibonacci 61.8% 139.01
Daily Pivot Point S1 138.56
Daily Pivot Point S2 138
Daily Pivot Point S3 137.59
Daily Pivot Point R1 139.54
Daily Pivot Point R2 139.94
Daily Pivot Point R3 140.51

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD edges lower toward 1.0850 ahead of mid-tier data

EUR/USD edges lower toward 1.0850 ahead of mid-tier data

EUR/USD edges slightly lower toward the 1.0850 area in the early European session on Monday as the cautious market mood helps the US Dollar hold its ground. Markets await business and consumer sentiment data from the Euro area and German growth figures.

EUR/USD News

GBP/USD stays on the back foot below 1.2400

GBP/USD stays on the back foot below 1.2400

GBP/USD came under modest bearish pressure and dropped below 1.2400 at the beginning of the week. The negative shift witnessed in risk mood helps the US Dollar find demand as a safe haven and makes it difficult for the pair to gain traction.

GBP/USD News

Gold shows resilience below 200-hour SMA, bulls have the upper hand

Gold shows resilience below 200-hour SMA, bulls have the upper hand

Gold price kicks off the new week on a subdued note and oscillates in a narrow trading band through the Asian session. The XAU/USD remains well within the striking distance of a nine-month peak touched last Thursday.

Gold News

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Why Ethereum bears need to be cautious about shorting ETH before $2,000

Ethereum price has been consolidating after the January rally subsided after three weeks. This tightening continues even after BTC shot up 3% over the weekend. Therefore, a short-term spike in buying pressure should is likely. 

Read more

Big risk this week Fed hikes 50 points

Big risk this week Fed hikes 50 points

While the entire global investment community is apparently very excited about the US Fed slowing its rate increases to 25 bps, there are strong reasons for arguing why another 50 bps rate hike, or two, are still on the menu.

Read more

Forex MAJORS

Cryptocurrencies

Signatures