GBP/JPY Price Analysis: Drops to over 2-week lows, further below 142.00 mark

GBP/JPY remains under some heavy selling pressure for the second straight day.
A sustained break through 100-day SMA might confirm a fresh bearish breakdown.

Haresh Menghani FXStreet

The GBP/JPY cross remained under some selling pressure for the second consecutive session on Thursday and extended its recent sharp retracement slide from YTD tops.

The downfall, marking the third in the previous four, dragged the cross to over two-week lows, with bears now looking to extend the slide further below the 142.00 mark.

Currently hovering around the 141.85 region, the cross might now be eyeing to test 100-day SMA support, which if broken might be seen as a fresh trigger for bearish traders.

Meanwhile, technical indicators on the daily chart have again started drifting into the bearish territory and add credence to the negative outlook amid fears of a no-deal Brexit.

Below the mentioned support, currently near the 141.65 region, the cross might turn vulnerable to accelerate the slide back towards testing YTD lows, or sub-141.00 levels.

On the flip side, any attempted recovery might now confront some resistance near the 142.00 mark, above which the momentum could get extended towards the 142.75-80 supply zone.

GBP/JPY daily chart

Technical levels to watch

GBP/JPY

Overview
Today last price	141.92
Today Daily Change	-0.65
Today Daily Change %	-0.46
Today daily open	142.57

Trends
Daily SMA20	142.82
Daily SMA50	142.8
Daily SMA100	141.78
Daily SMA200	137.7

Levels
Previous Daily High	143.72
Previous Daily Low	142.24
Previous Weekly High	144.96
Previous Weekly Low	142.32
Previous Monthly High	144.61
Previous Monthly Low	140.83
Daily Fibonacci 38.2%	142.8
Daily Fibonacci 61.8%	143.16
Daily Pivot Point S1	141.97
Daily Pivot Point S2	141.36
Daily Pivot Point S3	140.48
Daily Pivot Point R1	143.45
Daily Pivot Point R2	144.33
Daily Pivot Point R3	144.94

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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