GBP/JPY Price Analysis: Reclaims 140.00 mark, highest since late February


  • GBP/JPY prolonged its recent bullish trend and jumped to the highest level since late February.
  • The momentum marks a bullish breakthrough a two-month-old upward sloping trend channel.
  • Slightly overbought RSI on hourly/daily charts warrants caution before placing fresh bullish bets.

The GBP/JPY cross surged past the key 140.00 psychological mark and shot to the highest level since late February during the mid-European session on Thursday.

The mentioned level represented the top boundary of an ascending trend-channel extending from late June. A move beyond marks a fresh breakout and might have already set the stage for an extension of the near-term bullish trend.

Meanwhile, RSI (14) on hourly/daily charts is pointing to slightly overbought conditions and warrant some caution for bullish traders. That said, the cross now seems poised to aim towards reclaiming the 141.00 round-figure mark.

On the flip side, any meaningful pullback might now be seen as a buying opportunity. This, in turn, should help limit the downside near the previous strong horizontal resistance breakpoint, now turned support near the 139.20-15 area.

Failure to defend the mentioned resistance-turned-support might prompt some technical selling and drag the cross back towards sub-138.00 levels, important horizontal support near the 137.80 region.

GBP/JPY 4-hourly chart

fxsoriginal

Technical levels to watch

GBP/JPY

Overview
Today last price 140.12
Today Daily Change 0.77
Today Daily Change % 0.55
Today daily open 139.35
 
Trends
Daily SMA20 137.1
Daily SMA50 135.61
Daily SMA100 134.37
Daily SMA200 137.49
 
Levels
Previous Daily High 139.62
Previous Daily Low 138.88
Previous Weekly High 139.24
Previous Weekly Low 137.75
Previous Monthly High 139.21
Previous Monthly Low 132.95
Daily Fibonacci 38.2% 139.34
Daily Fibonacci 61.8% 139.16
Daily Pivot Point S1 138.95
Daily Pivot Point S2 138.54
Daily Pivot Point S3 138.2
Daily Pivot Point R1 139.69
Daily Pivot Point R2 140.03
Daily Pivot Point R3 140.43

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD trades at fresh September lows

Risk-aversion is the main theme this Monday, amid resurgent coronavirus cases in the Old Continent and the announcement of  new lockdowns. ECB’s Lagarde said the economic recovery in the EU is “very uncertain, uneven and incomplete.”

EUR/USD News

GBP/USD extends slump sub-1.2800

The Pound plunged on a dismal market mood, as PM Johnson acknowledged the kingdom is undergoing a second coronavirus wave. GBP/USD trades at one-week lows around 1.2800.

GBP/USD News

XAU/USD bullish bias starting to fade

Gold prices are testing the bull's commitments at the support structure around $1,906 in what could be a final test before the next leg higher of the bullish trend.

Gold News

Bitcoin needs to defend critical support level at $10,600

Bitcoin was trading inside an ascending triangle pattern between September 3 and September 15, which is created when the price establishes higher lows and a horizontal trendline around the swing highs. 

Read more

WTI plummets to $39, down more than 4%

Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures