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


Technical levels to watch


Today last price 140.12
Today Daily Change 0.77
Today Daily Change % 0.55
Today daily open 139.35
Daily SMA20 137.1
Daily SMA50 135.61
Daily SMA100 134.37
Daily SMA200 137.49
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



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