GBP/JPY Price Analysis: Sellers keep attacking 100-day SMA

  • GBP/JPY bounces off an intraday low of 135.56 but prints mild losses on a daily chart.
  • Bearish MACD, sustained break of a four-month-old ascending trend line keeps the sellers hopeful.
  • 50-day SMA adds to the upside barrier, 61.8% of Fibonacci retracement on the bears’ radars.

GBP/JPY marks another U-turn from 100-day SMA while taking rounds to 135.70/65 during Wednesday’s Asian session. Even so, the pair’s weakness after breaking an upward sloping trend line from May 18, coupled with the bearish MACD, suggests the quote’s further downside.

As a result, fresh selling may wait for a daily closing past-100-day SMA level of 135.68. In doing so, the bears may target 61.8% Fibonacci retracement of the pair’s May-September upside around 134.44.

Though, the July 24 bottom near 135.00 may offer intermediate halts during the GBP/JPY fall.

Alternatively, an upside clearance of the multi-day-old resistance line, previous support, around 136.85 will need to cross the 50-day SMA level of 137.85 to convince the buyers.

Also acting as upside barriers are the August 21 low of 138.25 and the June month’s top close to 139.75.

GBP/JPY daily chart

Trend: Bearish

Additional important levels

Today last price 135.73
Today Daily Change -0.18
Today Daily Change % -0.13%
Today daily open 135.91
Daily SMA20 139.17
Daily SMA50 137.85
Daily SMA100 135.66
Daily SMA200 137.28
Previous Daily High 136.44
Previous Daily Low 135.42
Previous Weekly High 141.05
Previous Weekly Low 135.58
Previous Monthly High 142.04
Previous Monthly Low 137.75
Daily Fibonacci 38.2% 136.05
Daily Fibonacci 61.8% 135.81
Daily Pivot Point S1 135.41
Daily Pivot Point S2 134.9
Daily Pivot Point S3 134.39
Daily Pivot Point R1 136.42
Daily Pivot Point R2 136.94
Daily Pivot Point R3 137.44



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