GBP/JPY Technical Analysis: 200-day SMA triggers pullback, 143.80/70 seems major support

Anil Panchal FXStreet

Having bounced off 200-day simple moving average (SMA), the GBP/JPY pair is on the bids around 144.80.

Considering the strength of support, chances of the quote pullback to 145.20 and then to 50-day SMA level of 145.85 seem brighter.

However, a downward sloping trend-line from mid-March could challenge the follow-on buyers near 146.30.

In a case where prices manage to conquer 146.30 upside barrier on a daily closing basis, 147.00, 147.40 and 148.45/50 are likely intermediate halts during the run to March high near 148.85.

Meanwhile, a D1 close under 144.55 number comprising 200-day SMA may immediately take the pair to 144.00 but 143.80/70 area including 100-day SMA and multiple lows since February 22 could challenge sellers then after.

If at all Bears refrain from respecting 143.70, 38.2% Fibonacci retracement of January – March upside at 142.50 and 140.90 can become their favorites.

GBP/JPY daily chart

Trend: Pullback expected

1. R3 146.42
2. R2 146.03
3. R1 145.37
PP 144.97
1. S1 144.32
2. S2 143.92
3. S3 143.26

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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