GBP/JPY Technical Analysis: 200-bar SMA guards immediate downside

GBP/JPY bounces off monthly low amid oversold RSI conditions.
A one-week-old falling trend line gains buyers’ attention during further recovery.

Anil Panchal FXStreet

The GBP/JPY pair recovers from 200-bar SMA while trading around 139.65 during Monday morning in Asia.

The quote’s the recent pullback, amid oversold conditions of 14-bar Relative Strength Index (RSI), shifts bull’s attention to a downward sloping resistance line since November 18, at 140.67 now. However, a sustained clearance of 140.00 round-figure will be necessary for that.

In a case, prices move successfully beyond the near-term key resistance line, monthly to surrounding 141.60 will return to charts.

On the downside, pair’s declines below 200-bar Simple Moving Average (SMA) level of 139.46 can take rest on 23.6% Fibonacci Retracement of October-November upside, at 138.95.

Should there be bearish formation around 138.95, sellers can target October 11 high near 137.90 during further declines.

GBP/JPY 4-hour chart

Trend: Further recovery likely

additional important levels

Overview
Today last price	139.67
Today Daily Change	22 pips
Today Daily Change %	0.16%
Today daily open	139.45

Trends
Daily SMA20	140.09
Daily SMA50	137.28
Daily SMA100	134.43
Daily SMA200	138.47

Levels
Previous Daily High	140.52
Previous Daily Low	139.32
Previous Weekly High	141.58
Previous Weekly Low	139.32
Previous Monthly High	141.51
Previous Monthly Low	130.42
Daily Fibonacci 38.2%	139.78
Daily Fibonacci 61.8%	140.06
Daily Pivot Point S1	139.01
Daily Pivot Point S2	138.56
Daily Pivot Point S3	137.81
Daily Pivot Point R1	140.21
Daily Pivot Point R2	140.96
Daily Pivot Point R3	141.41

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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