GBP/JPY Technical Analysis: Bearish continuation pattern spotted on hourly charts

Haresh Menghani FXStreet

• The cross extended its sideways consolidative price action and remained well within the striking distance of near two-week lows, forming a rectangular chart pattern on hourly charts.

• Given last week's break below 2-1/2-month-old ascending trend-line support, the rectangle might still be categorized as a continuation pattern and marks a pause in the recent bearish trend.

• Meanwhile, technical indicators on 4-hourly/daily charts maintained their mildly bearish bias and support prospects for further near-term depreciating move amid renewed Brexit jitters.

• A convincing break below 50-day SMA support near mid-144.00s will reinforce the bearish outlook and turn the pair vulnerable to accelerate the downfall towards 143.75-70 support zone.

GBP/JPY 4-hourly chart

GBP/JPY

Overview
Today last price	145.53
Today Daily Change	0.45
Today Daily Change %	0.31
Today daily open	145.08

Trends
Daily SMA20	146.78
Daily SMA50	144.38
Daily SMA100	143.6
Daily SMA200	144.64

Levels
Previous Daily High	145.81
Previous Daily Low	144.63
Previous Weekly High	148.39
Previous Weekly Low	144.13
Previous Monthly High	148.28
Previous Monthly Low	141.01
Daily Fibonacci 38.2%	145.08
Daily Fibonacci 61.8%	145.36
Daily Pivot Point S1	144.54
Daily Pivot Point S2	144
Daily Pivot Point S3	143.37
Daily Pivot Point R1	145.71
Daily Pivot Point R2	146.34
Daily Pivot Point R3	146.88

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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