GBP/JPY technical analysis: 61.8% Fibo, 138.15/25 restrict short-term declines

GBP/JPY weakens from a two-week-old falling trend-line.
61.8% Fibonacci retracement triggered the pair’s bounce last week.
21-day EMA, three-month-old resistance-turned-support adds to the support.

Anil Panchal FXStreet

Having reversed from eight-day highs, GBP/JPY declines to 139.71 during Friday’s Asian session.

The pair now seems to revisit 61.8% Fibonacci retracement of May-August south-run, at 138.91, while a confluence of 21-day Exponential Moving Average (EMA) and an upward sloping trend line since July-end, around 138.15/25, could restrict pair’s additional weakness.

In a case where sellers dominate below 138.15, July month high near to 137.80 might offer an intermediate halt to pair’s drop towards 50% Fibonacci retracement of 136.55.

On the contrary, pair’s rise beyond two-week-old resistance line, at 140.63 now, can take aim at the previous month high around 141.51 and May-end low close to 141.74 ahead of pushing bulls towards late-April bottoms close to 143.75.

GBP/JPY daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	139.7
Today Daily Change	-71 pips
Today Daily Change %	-0.51%
Today daily open	140.41

Trends
Daily SMA20	137.26
Daily SMA50	134.15
Daily SMA100	133.81
Daily SMA200	138.7

Levels
Previous Daily High	140.52
Previous Daily Low	139.95
Previous Weekly High	141.37
Previous Weekly Low	138.87
Previous Monthly High	135.75
Previous Monthly Low	126.67
Daily Fibonacci 38.2%	140.3
Daily Fibonacci 61.8%	140.17
Daily Pivot Point S1	140.06
Daily Pivot Point S2	139.72
Daily Pivot Point S3	139.5
Daily Pivot Point R1	140.63
Daily Pivot Point R2	140.86
Daily Pivot Point R3	141.2

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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