GBP/JPY Price Analysis: Struggles to confirm inverse Head-And-Shoulders on 4-hour chart

GBP/JPY extends pullback from a three-week top of 135.41.
Overbought RSI stopped buyers from confirming a bullish chart formation.
Sustained trading beyond 200-bar SMA signals further upside.

Anil Panchal FXStreet

GBP/JPY seesaws around 135.00 amid the pre-Tokyo open trading on Wednesday. The pair stepped back from a multi-day high after piercing the neckline of a short-term Head-and-Shoulders bullish technical formation on the four-hour chart the previous day. The reason could be traced from the RSI conditions.

However, the pair successful trading above 200-bar SMA favors the buyers to again confront the 135.10 resistance line to confirm the upside-suggesting pattern.

Following that, the mid-June top surrounding 136.40 might offer an intermediate halt during the pair’s rise towards the June month’s top near 139.75, closely followed by 140.00 psychological magnet.

Alternatively, the pair’s declines below the 200-bar SMA level of 134.25 can recall a 133.70/60 support zone.

In a case of the quote’s further weakness past-133.60, 133.00 might act as a buffer before diverting the bears towards 131.75, close to June 22 bottom.

GBP/JPY four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	134.93
Today Daily Change	0.85
Today Daily Change %	0.63%
Today daily open	134.08

Trends
Daily SMA20	134
Daily SMA50	133.42
Daily SMA100	134.26
Daily SMA200	137.61

Levels
Previous Daily High	134.68
Previous Daily Low	134.03
Previous Weekly High	134.71
Previous Weekly Low	131.96
Previous Monthly High	139.74
Previous Monthly Low	131.77
Daily Fibonacci 38.2%	134.27
Daily Fibonacci 61.8%	134.43
Daily Pivot Point S1	133.84
Daily Pivot Point S2	133.61
Daily Pivot Point S3	133.2
Daily Pivot Point R1	134.49
Daily Pivot Point R2	134.91
Daily Pivot Point R3	135.14

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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