- On offers for the second consecutive session amid reviving safe-haven demand.
- Technical set-up support prospects for the emergence of dip-buying at lower levels.
The GBP/JPY cross extended previous session's corrective slide from over two-month tops and remained under some selling pressure for the second consecutive session on Monday.
A sustained break below 200-hour SMA was seen as a key trigger for bearish traders amid reviving safe-haven demand and a follow-through weakness below the 134.00 round-figure mark.
Despite the pullback, the cross showed some resilience below 23.6% Fibo. level of the 126.67-135.75 move up, near the 133.35 support area, which should act as a pivotal point for short-term traders.
Meanwhile, technical indicators on the 1-hourly chart are already flashing oversold conditions and thus, warrant some caution for aggressive bearish traders amid receding fears of a no-deal Brexit.
Moreover, oscillators on the daily chart have managed to hold in the bullish territory, though have been losing positive momentum, and support prospects for the emergence of dip-buying interest.
Failure to defend the mentioned support might prompt some aggressive selling and accelerate the slide further towards the 133.00 handle en-route 38.2% Fibo. level support near the 32.30-25 region.
On the upside, the 134.00 round-figure mark now seems to act as immediate support, above which the cross is likely to make a fresh attempt towards conquering the key 135.00 psychological mark.
GBP/JPY 1-hourly chart
|Today last price||133.77|
|Today Daily Change||-0.41|
|Today Daily Change %||-0.31|
|Today daily open||134.18|
|Previous Daily High||135.75|
|Previous Daily Low||134.06|
|Previous Weekly High||135.75|
|Previous Weekly Low||133.88|
|Previous Monthly High||132.56|
|Previous Monthly Low||126.54|
|Daily Fibonacci 38.2%||134.71|
|Daily Fibonacci 61.8%||135.1|
|Daily Pivot Point S1||133.58|
|Daily Pivot Point S2||132.97|
|Daily Pivot Point S3||131.89|
|Daily Pivot Point R1||135.27|
|Daily Pivot Point R2||136.35|
|Daily Pivot Point R3||136.96|
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