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.

Haresh Menghani FXStreet

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

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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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