- GBP/JPY stays pressured after reversing from one-week high of 133.95.
- 61.8% Fibonacci retracement, monthly horizontal support on the bears’ radars.
- Mid-June top could lure the bulls during the fresh upside.
GBP/JPY prints 0.30% loss while taking a U-turn from the weekly top to 133.40 during the early Wednesday’s trading. In doing so, the pair respects 50-day EMA amid bearish MACD signals.
Hence, sellers are more inclined to revisit 61.8% Fibonacci retracement of May-June upside, at 133.30, as immediate support. However, a horizontal area comprising the lows marked since late-May, around 131.80/75, might offer a strong hurdle to further downside.
If at all the bears refrain from respecting 131.75 rest-point, May 22 low near 130.65 and 130.00 round-figure could offer intermediate halts during the south-run to May month’s low of 129.32.
On the flip side, a daily closing past-50-day EMA level of 133.89 can renew the pair’s upside attempt towards 50% Fibonacci retracement, at 134.53.
Should bulls manage to dominate successfully past-134.53, June 16 high close to 136.35/40 might become their favorite.
GBP/JPY daily chart
Trend: Pullback expected
Additional important levels
|Today last price||133.38|
|Today Daily Change||-0.47|
|Today Daily Change %||-0.35%|
|Today daily open||133.85|
|Previous Daily High||133.89|
|Previous Daily Low||132.02|
|Previous Weekly High||133.99|
|Previous Weekly Low||131.77|
|Previous Monthly High||139.74|
|Previous Monthly Low||131.77|
|Daily Fibonacci 38.2%||133.18|
|Daily Fibonacci 61.8%||132.74|
|Daily Pivot Point S1||132.62|
|Daily Pivot Point S2||131.39|
|Daily Pivot Point S3||130.75|
|Daily Pivot Point R1||134.49|
|Daily Pivot Point R2||135.12|
|Daily Pivot Point R3||136.36|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.