GBP/JPY Price Analysis: Key hurdle at 136.73 comes into play

GBP/JPY runs into confluence of a Fibonacci and 200-day SMA hurdles.
A close higher could invite more substantial chart-driven buying.

Omkar Godbole FXStreet Contributor

GBP/JPY proved resistance at 136.73 a few minutes before press time. That level is the 38.2% Fibonacci retracement of the sell-off from the Sept. 1 high of 142.72 to the Sept. 22 low of 133.04.

Notably, the 200-day simple moving average (SMA) is located at 136.68 – just below the critical Fibonacci retracement.

A close above these levels would validate the daily chart MACD histogram's bullish or above-zero reading, the ascending 5- and 10-day SMAs, and could fuel a stronger rise to 138.25 (Aug. 21 low).

Bulls, however, failed to keep gains above the 38.2% Fibonacci retracement on Oct. 1. Another failure will likely see the market re-test dip demand by revisiting the 10-day SMA at 135.23.

Daily chart

Trend: bullish above 136.73

Technical levels

GBP/JPY

Overview
Today last price	136.65
Today Daily Change	0.49
Today Daily Change %	0.36
Today daily open	136.16

Trends
Daily SMA20	135.84
Daily SMA50	137.83
Daily SMA100	136.06
Daily SMA200	136.76

Levels
Previous Daily High	136.4
Previous Daily Low	135.06
Previous Weekly High	137.01
Previous Weekly Low	134.37
Previous Monthly High	142.72
Previous Monthly Low	133.05
Daily Fibonacci 38.2%	135.88
Daily Fibonacci 61.8%	135.57
Daily Pivot Point S1	135.34
Daily Pivot Point S2	134.53
Daily Pivot Point S3	134
Daily Pivot Point R1	136.68
Daily Pivot Point R2	137.21
Daily Pivot Point R3	138.02

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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