- GBP/JPY takes rest on the key support confluence after recent declines.
- Buyers look for entry beyond 23.6% Fibonacci retracement, sellers can aim for 140 during further south-run.
GBP/JPY sellers catch a breath around 141.00 amid Tuesday’s Asian session. The pair dropped the previous day but is taking rest on the support area including 200-hour Exponential Moving Average (EMA), 38.2% Fibonacci retracement of the last week’s run-up while also comprising highs marked on November 21 and 26.
Although 12-bar Moving Average Convergence and Divergence (MACD) flashes bearish signals, the strength of the support indicates the pair’s recovery. In doing so, 23.6% Fibonacci retracement level of 141.26 can act as immediate resistance ahead of the previous-month high near 141.90 and 142.00 round-figure.
During the quote’s further north-run beyond 142.00, lows marked during March and April month around 143.72/78 could lure the bulls.
On the contrary, pair’s declines below 140.86 support could trigger a slump to 140.00 mar. However, intermediate halts around 50% and 61.8% Fibonacci retracements, at 140.60 and 140.30 respectively, can’t be ruled out.
GBP/JPY hourly chart
Trend: Pullback expected
additional important levels
|Today last price||141.03|
|Today Daily Change||-5 pips|
|Today Daily Change %||-0.04%|
|Today daily open||141.08|
|Previous Daily High||141.83|
|Previous Daily Low||140.94|
|Previous Weekly High||141.86|
|Previous Weekly Low||139.53|
|Previous Monthly High||141.86|
|Previous Monthly Low||139.32|
|Daily Fibonacci 38.2%||141.28|
|Daily Fibonacci 61.8%||141.49|
|Daily Pivot Point S1||140.74|
|Daily Pivot Point S2||140.4|
|Daily Pivot Point S3||139.85|
|Daily Pivot Point R1||141.62|
|Daily Pivot Point R2||142.17|
|Daily Pivot Point R3||142.51|
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.