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

Today last price 143.19
Today Daily Change 0.55
Today Daily Change % 0.39%
Today daily open 142.64
Daily SMA20 142.67
Daily SMA50 142.9
Daily SMA100 140.64
Daily SMA200 137.58
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



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.

Feed news

Latest Forex News

Editors’ Picks

AUD/USD following higher than expected Aussie Unemployment Rate

AUD/USD fails to cheer an increase in Employment Change. The pair declines to 0.6678 after flashing the intra-day low of 0.6668 as Australia’s employment data disappoints Aussie traders on early Thursday.


USD/JPY bulls catch a breath near multi-month top, stays above 111.00

USD/JPY seesaws around 111.30 at the start of Asian session. The risk barometer surged to the highest in nine months the previous day as Chinese authorities manage to placate traders. The pair consolidates gains following FOMC minutes.


Gold breaks to near 7-year highs amid coronavirus fears, next target is $1,617

Gold prices have extended their gains and have topped $1,611.42, the previous 2020 peak. XAU/USD is now trading at the highest levels since March 2013. Back then, it hit a high of $1,617, which is the next upside target.

Gold News

WTI upside remains capped by $53.00 ahead of API

WTI oil stays upbeat, following the run-up to the monthly high before a few minutes, as taking rounds to $53.70 amid the initial Asian session on Thursday. The black gold recently benefited from the weekly inventory data from the API.

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info