- 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.
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
Additional important levels
|Today last price||134.93|
|Today Daily Change||0.85|
|Today Daily Change %||0.63%|
|Today daily open||134.08|
|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|
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.