- 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|
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