GBP/JPY Price Analysis: On the rise after weekly inverted hammer candle

GBP/JPY trades near 136.22 versus 135.75 in early Asia.
The weekly candle favors stronger gains toward an SMA hurdle.

Omkar Godbole FXStreet Contributor

GBP/JPY is currently trading near 136.22, representing a 0.28% gain on the day, having carved out an inverted hammer last week.

The candlestick pattern indicates that the pullback from the October high of 137.85 has ended and the broader recovery from the September low of 133.04 has resumed.

Supporting the bullish case is the MACD histogram's crossover above zero. Also, the 14-day relative strength index (RSI) has moved into bullish territory above 50.

The pair could challenge the 50-week simple moving average (SMA) at 137.11. On the downside, the higher low of 134.40 created on Oct. 30 is the level to beat for the bears.

Weekly charts

Trend: Bullish

Technical levels

GBP/JPY

Overview
Today last price	136.2
Today Daily Change	0.33
Today Daily Change %	0.24
Today daily open	135.87

Trends
Daily SMA20	136.3
Daily SMA50	136.7
Daily SMA100	136.64
Daily SMA200	135.94

Levels
Previous Daily High	136.25
Previous Daily Low	135.47
Previous Weekly High	137.39
Previous Weekly Low	134.87
Previous Monthly High	137.86
Previous Monthly Low	134.41
Daily Fibonacci 38.2%	135.77
Daily Fibonacci 61.8%	135.95
Daily Pivot Point S1	135.48
Daily Pivot Point S2	135.08
Daily Pivot Point S3	134.7
Daily Pivot Point R1	136.26
Daily Pivot Point R2	136.64
Daily Pivot Point R3	137.04

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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