GBP/JPY Price Analysis: Rising wedge breakdown on 4H

GBP/JPY faced rejection at key resistance for the third day on Tuesday
The rising wedge breakdown seen on the 4-hour chart indicates the bears have regained control.

Omkar Godbole FXStreet Contributor

GBP/JPY is currently sidelined near 133.40, having failed to take out resistance at 134.47 for the third straight day on Tuesday.

That level marks the 50% Fibonacci retracement of the sell-off from 144.96 to 123.99 observed during the four weeks to March 19.

The repeated rejection at the Fibonacci resistance followed by a rising wedge breakout on the 4-hour chart indicates the bounce from the recent low of 123.99 has ended and the path of least resistance is to the downside.

The pair could challenge immediate support at 122.75, under which major support is seen at 131.64 (ascending 10-day average).

On the higher side, a convincing break above 134.47 is needed to revive the bullish setup.

4-hour chart

Trend: Bearish

Technical levels

GBP/JPY

Overview
Today last price	133.46
Today Daily Change	-0.17
Today Daily Change %	-0.13
Today daily open	133.63

Trends
Daily SMA20	132.52
Daily SMA50	138.39
Daily SMA100	140.36
Daily SMA200	137.24

Levels
Previous Daily High	134.62
Previous Daily Low	133.06
Previous Weekly High	134.76
Previous Weekly Low	127.36
Previous Monthly High	139.19
Previous Monthly Low	124.07
Daily Fibonacci 38.2%	133.66
Daily Fibonacci 61.8%	134.03
Daily Pivot Point S1	132.92
Daily Pivot Point S2	132.21
Daily Pivot Point S3	131.36
Daily Pivot Point R1	134.48
Daily Pivot Point R2	135.33
Daily Pivot Point R3	136.04

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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