- GBP/JPY remains on the back foot after reversing from the two-week top.
- The weekly support line offers immediate rest.
- Key Fibonacci retracements could question buyers beyond 21-day SMA.
Having failed to cross 21-day SMA during the previous day, GBP/JPY declines to 130.74 amid the Asian session on Thursday.
While a one-week-old rising trend line, currently at 130.25, followed by 130.00 round figure, offers immediate supports to the pair, 10-day SMA near 129.50 seems to be the near-term strong rest for the quote.
Should there be a clear downside below 129.50, GBP/JPY prices are less likely to wait before 127.00 whereas the monthly low near 124.00 could be on the bears’ radars afterward.
On the upside, a sustained break above 21-day SMA level of 133.40 will need validation from 50% and 61.8% Fibonacci retracements of the pair’s fall from February 21 to March 18, 2020, respectively around 134.50 and 137.00.
In a case where the pair manages to stay positive beyond 137.00, 138.60/70 could lure the bulls.
GBP/JPY daily chart
Trend: Pullback expected
Additional important levels
|Today last price||131.09|
|Today Daily Change||0.28|
|Today Daily Change %||0.21%|
|Today daily open||130.81|
|Previous Daily High||131.44|
|Previous Daily Low||127.93|
|Previous Weekly High||132.59|
|Previous Weekly Low||124.07|
|Previous Monthly High||144.96|
|Previous Monthly Low||137.53|
|Daily Fibonacci 38.2%||130.1|
|Daily Fibonacci 61.8%||129.27|
|Daily Pivot Point S1||128.68|
|Daily Pivot Point S2||126.55|
|Daily Pivot Point S3||125.18|
|Daily Pivot Point R1||132.19|
|Daily Pivot Point R2||133.57|
|Daily Pivot Point R3||135.69|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.