GBP/JPY Price Analysis: Doji on daily chart keeps buyers hopeful

GBP/JPY bounces off a five-week-old support trend line.
The bullish candlestick formation could challenge 21-day SMA.
A downward sloping resistance line stands tall to question the buyers.

Anil Panchal FXStreet

GBP/JPY stays mildly bid near 142.10 during Wednesday’s Asian session. The pair recently recovered from a multi-week low while also portraying a bullish candlestick formation on the daily chart.

As a result, buyers could take aim at a 21-day SMA level near 143.00 during the further pullback whereas as a descending trend line from December 13, 2019, around 144.05, will question additional upside.

Should there be a sustained break of 144.05, the monthly top near 144.60 and 145.00 round-figure will lure the optimists.

Meanwhile, a downside break of Tuesday’s low, 141.48, could defy the bullish technical formation and drag the quote closer to 140.00 round-figure.

During the pair’s extended fall beneath 140.00, November 2019 bottom surrounding 139.30 will lure the bears.

GBP/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	142.09
Today Daily Change	-0.05
Today Daily Change %	-0.04%
Today daily open	142.14

Trends
Daily SMA20	143.11
Daily SMA50	142.58
Daily SMA100	139.67
Daily SMA200	137.73

Levels
Previous Daily High	142.87
Previous Daily Low	142.06
Previous Weekly High	144.61
Previous Weekly Low	142.72
Previous Monthly High	147.96
Previous Monthly Low	140.28
Daily Fibonacci 38.2%	142.37
Daily Fibonacci 61.8%	142.56
Daily Pivot Point S1	141.84
Daily Pivot Point S2	141.54
Daily Pivot Point S3	141.03
Daily Pivot Point R1	142.66
Daily Pivot Point R2	143.18
Daily Pivot Point R3	143.48

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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