GBP/JPY Price Analysis: Extends break of five-week-old support line below 139.00

GBP/JPY stays depressed, fails to keep bounce off November 23.
Receding RSI, sustained downside break of previous support keep sellers hopeful.
Monthly resistance line offers an extra hurdle to the north.

Anil Panchal FXStreet

GBP/JPY drops to 138.84, down 0.26% intraday, during the initial hour of Tokyo open on Tuesday. In doing so, the quote keeps the previous day’s breakdown of an upward sloping trend line from October 30.

Considering the downward sloping RSI conditions and an absence of recovery moves past-trendline break, GBP/JPY sellers are targeting a 100-day SMA level of 137.67 during the further declines.

Though, the November-end low near 138.30, followed by the October top near 137.86, can offer immediate supports to the quote.

Meanwhile, GBP/JPY recovery beyond the previous support line, currently around 139.75, needs to cross the 140.00 round-figure before eyeing a one-month-long rising resistance line, near 140.80.

If at all the GBP/JPY bulls remain dominant past-140.80, the yearly top near 142.70 will be in the spotlight.

GBP/JPY daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	138.84
Today Daily Change	-0.37
Today Daily Change %	-0.27%
Today daily open	139.21

Trends
Daily SMA20	138.93
Daily SMA50	137.45
Daily SMA100	137.64
Daily SMA200	135.58

Levels
Previous Daily High	139.93
Previous Daily Low	137.9
Previous Weekly High	140.71
Previous Weekly Low	138.38
Previous Monthly High	140.32
Previous Monthly Low	134.87
Daily Fibonacci 38.2%	138.68
Daily Fibonacci 61.8%	139.16
Daily Pivot Point S1	138.1
Daily Pivot Point S2	136.99
Daily Pivot Point S3	136.08
Daily Pivot Point R1	140.13
Daily Pivot Point R2	141.04
Daily Pivot Point R3	142.15

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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