GBP/JPY Price Analysis: Rebounds from 100-period SMA/ascending channel confluence


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  • GBP/JPY stalled its intraday downfall near the 138.60-50 confluence support.
  • Diverging technical indicators warrant caution before placing directional bets.

The GBP/JPY cross extended the previous day's rejection slide from the key 140.00 psychological mark and witnessed some selling through the major part of the trading action on Thursday.

The cross, however, managed to find decent support around the 138.50-60 confluence support and refreshed daily tops in the last hour. The mentioned area comprises of 100-period SMA on the 4-hourly chart and the lower boundary of a near two-month-old ascending channel, which should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started moving into the positive territory on hourly charts. The set-up warrants some caution for bearish traders, making it prudent to wait for a sustained breakthrough the said confluence region before placing fresh bearish bets.

On the flip side, any meaningful positive move might continue to act as a stiff resistance near the 140.00 mark, above which a bout of a short-covering move. The cross might then aim to test the trend-channel resistance, currently near the 141.00 round-figure mark.

GBP/JPY 4-hourly chart

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Technical levels to watch

GBP/JPY

Overview
Today last price 139.18
Today Daily Change 0.16
Today Daily Change % 0.12
Today daily open 139.02
 
Trends
Daily SMA20 138.07
Daily SMA50 135.79
Daily SMA100 134.66
Daily SMA200 137.47
 
Levels
Previous Daily High 139.96
Previous Daily Low 138.8
Previous Weekly High 140.21
Previous Weekly Low 138.1
Previous Monthly High 139.21
Previous Monthly Low 132.95
Daily Fibonacci 38.2% 139.24
Daily Fibonacci 61.8% 139.51
Daily Pivot Point S1 138.56
Daily Pivot Point S2 138.1
Daily Pivot Point S3 137.4
Daily Pivot Point R1 139.72
Daily Pivot Point R2 140.42
Daily Pivot Point R3 140.88

 

 

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