GBP/JPY Technical Analysis: Any meaningful up-move likely to get sold into

Haresh Menghani FXStreet

• The cross broke out of its Asian session consolidation phase and was now seen building on overnight goodish rebound from the 141.00 neighbourhood, or 3-1/2 month lows.

• Comments by Irish foreign minister Simon Coveney triggered a bit of short-squeeze in the British Pound and turned out to be one of the key factors driving the cross higher.

• A sustained move above 20-hour SMA triggered some intraday positive momentum, though 61.8% Fibonacci retracement level of the overnight downfall capped further gains.

• Mixed technical indicators on the 1-hourly chart have just started moving out of the negative territory but maintain their bearish bias on 4-hourly/daily charts.

• Hence, any subsequent up-move seems more likely to get sold into as focus shifts to the latest UK employment details and the UK PM May's meeting today with the EU officials.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Today Last Price: 142.6
    Today Daily change: 33 pips
    Today Daily change %: 0.232%
    Today Daily Open: 142.27
Trends:
    Previous Daily SMA20: 144.81
    Previous Daily SMA50: 146.08
    Previous Daily SMA100: 145.44
    Previous Daily SMA200: 146.82
Levels:
    Previous Daily High: 143.72
    Previous Daily Low: 141.18
    Previous Weekly High: 145.52
    Previous Weekly Low: 142.84
    Previous Monthly High: 149.5
    Previous Monthly Low: 144.02
    Previous Daily Fibonacci 38.2%: 142.15
    Previous Daily Fibonacci 61.8%: 142.75
    Previous Daily Pivot Point S1: 141.06
    Previous Daily Pivot Point S2: 139.85
    Previous Daily Pivot Point S3: 138.52
    Previous Daily Pivot Point R1: 143.59
    Previous Daily Pivot Point R2: 144.92
    Previous Daily Pivot Point R3: 146.13

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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