GBP/JPY Price Analysis: Teases weekly support during latest pullback below 140.00


  • GBP/JPY eases from two-week top amid bearish MACD.
  • Confluence of 100-HMA, 50% of Fibonacci retracement lures sellers.
  • Fortnight-old resistance line limits immediate upside before 12-week-long falling trend line.

GBP/JPY tests a three-day-long support line while flashing 139.62 as a quote during the early Wednesday. The pair recently took a U-turn from 139.83, the highest level in a fortnight amid bearish MACD signals.

Hence, sellers are targeting a confluence of 100-HMA and 50% Fibonacci retracement of November 11-19 downside, near 138.40/35, while trying to break the 139.55 nearby trend line support.

During the fall, the November 16 high around 138.90 can act as a buffer whereas the monthly bottom close to 137.20 can please the GBP/JPY bears afterward.

Alternatively, an upside clearance of the adjacent resistance line, at 139.82 now, will have to cross another falling trend line, from September 01, currently around 139.85, before eyeing the 140.00 threshold.

If at all the bulls manage to cross the 140.00 psychological magnet, the monthly high near 140.30 and the early-September low close to 140.50 may test the uptrend towards the yearly peak of 142.71.

GBP/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 139.62
Today Daily Change 0.07
Today Daily Change % 0.05%
Today daily open 139.55
 
Trends
Daily SMA20 137.37
Daily SMA50 136.61
Daily SMA100 137.23
Daily SMA200 135.71
 
Levels
Previous Daily High 139.84
Previous Daily Low 139.09
Previous Weekly High 138.87
Previous Weekly Low 137.2
Previous Monthly High 137.86
Previous Monthly Low 134.41
Daily Fibonacci 38.2% 139.55
Daily Fibonacci 61.8% 139.38
Daily Pivot Point S1 139.15
Daily Pivot Point S2 138.74
Daily Pivot Point S3 138.39
Daily Pivot Point R1 139.9
Daily Pivot Point R2 140.25
Daily Pivot Point R3 140.66

 

 

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