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.

Anil Panchal FXStreet

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

Overview
Today last price	135.73
Today Daily Change	-0.18
Today Daily Change %	-0.13%
Today daily open	135.91

Trends
Daily SMA20	139.17
Daily SMA50	137.85
Daily SMA100	135.66
Daily SMA200	137.28

Levels
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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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