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.

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

 

 

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