GBP/JPY Price Analysis: Sits near the highest level since June 8, just below mid-139.00s


  • GBP/JPY gained traction for the third consecutive session on Wednesday.
  • Bulls are likely to wait for a sustained move beyond the 139.50 region.

The GBP/JPY cross edged higher for the third consecutive session on Wednesday and was last seen trading just below mid-139.00s – the highest level since June 8. The mentioned region coincides with the top boundary of an ascending trend-channel extending from late June and should act as a key pivotal point for short-term traders.

Meanwhile, RSI (14) on the daily is flashing slightly overbought conditions and warrant some caution for bullish traders. This, in turn, makes it prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move.

A convincing breakthrough will now set the stage for a move back towards June monthly swing highs, around the 139.75 region, before bulls eventually aim to lift the cross beyond the key 140.00 psychological mark.

On the flip side, any meaningful pullback below the 139.00 mark might now be seen as a buying opportunity and remain limited near the 138.75 region. That said, some follow-through selling might accelerate the slide further towards the 138.10-138.00 intermediate support en-route monthly lows, around the 137.75 region.

GBP/JPY daily chart

fxsoriginal

Technical levels to watch

GBP/JPY

Overview
Today last price 139.42
Today Daily Change 0.47
Today Daily Change % 0.34
Today daily open 138.95
 
Trends
Daily SMA20 136.87
Daily SMA50 135.56
Daily SMA100 134.3
Daily SMA200 137.49
 
Levels
Previous Daily High 139.5
Previous Daily Low 138.4
Previous Weekly High 139.24
Previous Weekly Low 137.75
Previous Monthly High 139.21
Previous Monthly Low 132.95
Daily Fibonacci 38.2% 139.08
Daily Fibonacci 61.8% 138.82
Daily Pivot Point S1 138.4
Daily Pivot Point S2 137.85
Daily Pivot Point S3 137.29
Daily Pivot Point R1 139.5
Daily Pivot Point R2 140.06
Daily Pivot Point R3 140.61

 

 

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