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.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.