GBP/JPY technical analysis: Break of 2-week old trend-line favors further upside to 140.80

Last week’s multiple highs can question the latest upswing backed by the resistance-line break.
Bears could regain control once prices slip under 140.00 round-figure.

Anil Panchal FXStreet

Having breached a downward sloping trend-line stretched since May 07, GBP/JPY is taking the rounds near 140.30 during early Monday.

The quote now aims for last week's multiple highs near 140.80 ahead of targeting May 13 low around 141.20.

Given the pair’s successful rise above 141.20, 141.70 and 142.20 could please buyers.

Meanwhile, 140.00 seems immediate support to follow during the pullback, a break of which may fetch the quote back to recent lows near 139.55.

If there prevail additional declines below 139.55, 139.00 can come back on the chart.

GBP/JPY hourly chart

Trend: Bullish

1. R3 141.74
2. R2 141.21
3. R1 140.6
PP 140.07
1. S1 139.46
2. S2 138.93
3. S3 138.32

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Top Crypto Losers: Tezos, Toncoin, and Polkadot at crucial levels amid US-Israel strike on Iran

Altcoins such as Tezos, Toncoin, and Polkadot rank among the worst hit cryptocurrencies over the last 24 hours amid the US and Israel's attack on Iran. Tezos and Toncoin are down to crucial support levels while Polkadot remains near a crucial resistance trendline, showcasing underlying strength.

Crisis in the Middle East: The market reaction

Geopolitics and events between Iran, the US and the wider Middle East will dominate financial markets on Monday. The situation has continued to escalate as we move through Sunday. Bombing has continued across the UAE and into Iraq, the US has confirmed the deaths of several US servicemen, and a US sanctioned oil tanker has been hit in Oman.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.