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.

Haresh Menghani FXStreet

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

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

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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