GBP/JPY Price Analysis: Clings to gains near 143.00 mark, over 1-week tops


  • GBP/JPY regains traction and turns higher for the fourth consecutive session.
  • Bulls now await a sustained move beyond two-month-old descending trend-line.

The GBP/JPY cross reversed an early dip to the 142.00 neighbourhood and jumped to over one-week tops during the early North-American session on Thursday.

Bulls, however, struggled to extend the momentum further beyond the 143.00 round-figure mark, which is closely followed by resistance near the 143.25-30 region.

The mentioned barrier coincides with a near two-month-old descending trend-line and should now act as a key pivotal point for the pair's next leg of a directional move.

Meanwhile, technical indicators on the daily chart have just moved in the bullish territory, albeit lacked any strong momentum and warrant some caution for bulls.

Hence, it will be prudent to wait for some follow-through buying beyond the mentioned barrier before positioning for any further near-term appreciating move.

The cross then might accelerate the momentum further towards its next major hurdle near the 144.00 mark with some intermediate resistance near the 143.70 area.

On the flip side, the 142.15-10 region now seems to act as immediate support, which if broken might negate the constructive outlook and prompt some technical selling.

GBP/JPY daily chart

fxsoriginal

GBP/JPY

Overview
Today last price 142.96
Today Daily Change 0.32
Today Daily Change % 0.22
Today daily open 142.64
 
Trends
Daily SMA20 142.67
Daily SMA50 142.9
Daily SMA100 140.64
Daily SMA200 137.58
 
Levels
Previous Daily High 142.89
Previous Daily Low 142.17
Previous Weekly High 143.38
Previous Weekly Low 140.93
Previous Monthly High 144.61
Previous Monthly Low 140.83
Daily Fibonacci 38.2% 142.62
Daily Fibonacci 61.8% 142.45
Daily Pivot Point S1 142.24
Daily Pivot Point S2 141.85
Daily Pivot Point S3 141.52
Daily Pivot Point R1 142.96
Daily Pivot Point R2 143.28
Daily Pivot Point R3 143.68

 

 

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