GBP/JPY Technical Analysis: Bounces off a short-term descending trend-channel support

Haresh Menghani FXStreet

• The cross stalled overnight sharp rejection slide from 100-hour SMA and showed some resilience near a short-term descending trend-channel support.

• The mentioned channel extends from the 147.00 handle, touched on April 15, and might now act as a key pivotal point for the pair's near-term trajectory.

• Meanwhile, technical indicators maintained their bearish bias on hourly/daily charts and support prospects for an eventual near-term bearish breakdown.

• A convincing break through the channel support, currently near the 144.40 region, would expose two-month-old horizontal support near the 143.80-70 region.

GBP/JPY 1-hourly chart

GBP/JPY

Overview
Today last price	144.79
Today Daily Change	0.08
Today Daily Change %	0.06
Today daily open	144.71

Trends
Daily SMA20	145.64
Daily SMA50	145.75
Daily SMA100	143.56
Daily SMA200	144.56

Levels
Previous Daily High	145.63
Previous Daily Low	144.58
Previous Weekly High	147
Previous Weekly Low	145.13
Previous Monthly High	148.88
Previous Monthly Low	143.72
Daily Fibonacci 38.2%	144.98
Daily Fibonacci 61.8%	145.23
Daily Pivot Point S1	144.32
Daily Pivot Point S2	143.92
Daily Pivot Point S3	143.26
Daily Pivot Point R1	145.37
Daily Pivot Point R2	146.03
Daily Pivot Point R3	146.42

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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