GBP/JPY Price Analysis: Seems poised to reclaim 143.00 mark

GBP/JPY regained strong positive traction on Thursday and climbed back above the 142.00 mark.
The technical set-up remains in favour of bullish traders and supports prospects for further gains.
The emergence of dip-buying should help limit the downside near the 141.25 horizontal support.

Haresh Menghani FXStreet

Following the previous day's sharp pullback of over 100 pips, the GBP/JPY cross caught some fresh bids on Thursday and jumped back above the 142.00 round-figure mark.

The emergence of some dip-buying favours bullish traders and supports prospects for a further near-term appreciating move. The positive outlook is further reinforced by the fact that the recent appreciating move over the past four months or so has been along an upward sloping channel.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and are still far from being in the overbought territory. Hence, a subsequent positive move towards challenging the trend-channel resistance, around the 143.00 round-figure mark, remains a distinct possibility.

A sustained move beyond will mark a fresh bullish breakout. The GBP/JPY cross might then aim to surpass the 143.30-40 intermediate hurdle and reclaim the 144.00 mark. The momentum could further get extended towards 2020 swing highs, just ahead of the key 145.00 psychological mark.

On the flip side, any meaningful pullback might continue to attract some buying around the 141.25 horizontal resistance-turned-support. This is closely followed by the 141.00 mark, which if broken decisively might drag the GBP/JPY cross to the 140.45 level en-route the 140.00 mark.

GBP/JPY daily chart

Technical levels to watch

GBP/JPY

Overview
Today last price	142.04
Today Daily Change	0.65
Today Daily Change %	0.46
Today daily open	141.39

Trends
Daily SMA20	140.82
Daily SMA50	139.71
Daily SMA100	138.13
Daily SMA200	136.69

Levels
Previous Daily High	142.34
Previous Daily Low	141.08
Previous Weekly High	142.26
Previous Weekly Low	140.34
Previous Monthly High	141.23
Previous Monthly Low	136.79
Daily Fibonacci 38.2%	141.56
Daily Fibonacci 61.8%	141.86
Daily Pivot Point S1	140.87
Daily Pivot Point S2	140.34
Daily Pivot Point S3	139.61
Daily Pivot Point R1	142.13
Daily Pivot Point R2	142.87
Daily Pivot Point R3	143.39

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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