GBP/JPY Technical Analysis: 5-week old ascending trendline restricts the downside near 144.80/70

GBP/JPY is trading near 145.50 before the UK markets open on Friday.
The quote recently took a U-turn from 5-week long ascending trend-line and may rise to 145.90 ahead of aiming the 23.6% Fibonacci retracement of mid-January to March upside, at 146.15.
Should the pair manage to clear 146.15, 147.00 and an immediate downward sloping trend-line at 147.70 could lure buyers.
Also, pair’s sustained rise past-147.70 can help it aim for 148.90, 149.00 and 61.8% Fibonacci expansion (FE) level near 150.00.
Alternatively, pair’s break of adjacent support and a consecutive slide beneath 144.70 becomes pre-requisite for sellers to slip in while looking for 143.70.
In a case where prices keep declining under 143.70, 50% Fibonacci retracement level of 143.00, followed by 142.45 and 141.70, can please bears.

Anil Panchal FXStreet

GBP/JPY 4-Hour chart

Additional important levels

Overview
Today last price	145.49
Today Daily Change	22 pips
Today Daily Change %	0.15
Today daily open	145.27

Trends
Daily SMA20	146.76
Daily SMA50	144.14
Daily SMA100	143.64
Daily SMA200	144.66

Levels
Previous Daily High	146.4
Previous Daily Low	144.13
Previous Weekly High	148.88
Previous Weekly Low	143.72
Previous Monthly High	148.28
Previous Monthly Low	141.01
Daily Fibonacci 38.2%	145
Daily Fibonacci 61.8%	145.53
Daily Pivot Point S1	144.13
Daily Pivot Point S2	143
Daily Pivot Point S3	141.86
Daily Pivot Point R1	146.4
Daily Pivot Point R2	147.54
Daily Pivot Point R3	148.67

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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