GBP/JPY Price Analysis: Struggles to extend nine-week-old trendline breakout

GBP/JPY seesaws around three-week high.
50% of Fibonacci retracement limit the pair’s immediate upside.
A downside break of 142.65/60 support confluence can aim for the monthly low.

Anil Panchal FXStreet

GBP/JPY steps back from three-week high to 143.20 amid Friday’s Asian session. In doing so, the quote fails to extend the break of 21-day SMA and a descending trend line stretched since December 13, 2019.

While buyers might be waiting for fresh fundamental impulse, 50% Fibonacci retracement of the pair’s November-December 2019 upside, at 143.65, will be on their radar.

Should there be a further run-up past-143.65, which is expected based on the pair’s latest breakout of the key upside hurdle and normal RSI conditions, January 22 high near 144.60 can return to the charts.

Alternatively, a downside break of 142.65/60 support confluence including 21-day SMA, 61.8% Fibonacci retracement and the resistance-turned-support line could drag the pair to the weekly low near 141.25.

Even so, the monthly bottom close to 140.90 and January month low surrounding 140.80, also marked in December 2019, should be questioning the bears past-141.25.

GBP/JPY daily chart

Trend: Bullish

Additional improtant levels

Overview
Today last price	143.19
Today Daily Change	0.55
Today Daily Change %	0.39%
Today daily open	142.64

Trends
Daily SMA20	142.67
Daily SMA50	142.9
Daily SMA100	140.64
Daily SMA200	137.58

Levels
Previous Daily High	142.89
Previous Daily Low	142.17
Previous Weekly High	143.38
Previous Weekly Low	140.93
Previous Monthly High	144.61
Previous Monthly Low	140.83
Daily Fibonacci 38.2%	142.62
Daily Fibonacci 61.8%	142.45
Daily Pivot Point S1	142.24
Daily Pivot Point S2	141.85
Daily Pivot Point S3	141.52
Daily Pivot Point R1	142.96
Daily Pivot Point R2	143.28
Daily Pivot Point R3	143.68

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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