GBP/JPY Price Analysis: Faces rejection near two-month-old descending trend-line


  • GBP/JPY bulls struggled to build on the overnight move to three-week tops.
  • The technical set-up warrants some caution before placing aggressive bets.

The GBP/JPY cross failed to capitalize on the previous session's goodish intraday positive move and witnessed a modest pullback during the early European session on Thursday.

The cross now seems to have faced rejection near a resistance marked by a near two-month-old descending trend-line, which should now act as a key pivotal point for traders.

Meanwhile, oscillators on the daily chart are yet to gain any meaningful positive traction and warrant some caution before positioning for any further near-term appreciating move.

Looking at a slightly bigger picture, the descending trend-line, along with the 140.85 horizontal support seemed to constitute towards the formation of a bearish descending triangle.

Hence, it will be prudent to wait for a sustained break through the mentioned descending trend-line, above which the cross is likely to aim towards reclaiming the 144.00 round-figure.

On the flip side, the cross now seems to find immediate support near the 142.70 region, which if broken might accelerate the slide towards the overnight swing lows, around the 142.15-10 area.

GBP/JPY daily chart

fxsoriginal

GBP/JPY

Overview
Today last price 143.06
Today Daily Change -0.19
Today Daily Change % -0.13
Today daily open 143.25
 
Trends
Daily SMA20 142.63
Daily SMA50 142.9
Daily SMA100 140.75
Daily SMA200 137.58
 
Levels
Previous Daily High 143.48
Previous Daily Low 142.15
Previous Weekly High 143.38
Previous Weekly Low 140.93
Previous Monthly High 144.61
Previous Monthly Low 140.83
Daily Fibonacci 38.2% 142.97
Daily Fibonacci 61.8% 142.66
Daily Pivot Point S1 142.44
Daily Pivot Point S2 141.62
Daily Pivot Point S3 141.1
Daily Pivot Point R1 143.77
Daily Pivot Point R2 144.29
Daily Pivot Point R3 145.11

 

 

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