GBP/JPY Technical Analysis: Break of eight-day-old trendline, bearish MACD attract sellers


  • GBP/JPY seesaws around 23.6% Fibonacci retracement amid bearish MACD.
  • 140.70 and 61.8% Fibonacci retracement hold the keys to November month low.

Following the break of the multi-day-old trend line, GBP/JPY declines to 141.15 by the press time of the Asian session on Wednesday.

The pair now aims to revisit 140.75/70 multiple support zone that comprises 38.2% Fibonacci retracement of late-October to late-November fall. Supporting the move are bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) indicator.

Should the quote drops beneath 140.70, 61.8% Fibonacci retracement around 14.00 round-figure and November month bottom near 139.30 will be on sellers’ radar.

Alternatively, buyers will look for entry beyond the support-turned-resistance, at 141.35. In doing so, 141.70 and 141.85/90 could flash on their watch-list.

During the pair’s run-up beyond 141.90, Bulls will prepare to confront March/April lows close to 143.72/80.

GBP/JPY four-hour chart

Trend: Pullback expected

additional important levels

Overview
Today last price 141.13
Today Daily Change -6 pips
Today Daily Change % -0.04%
Today daily open 141.19
 
Trends
Daily SMA20 140.41
Daily SMA50 138.19
Daily SMA100 134.83
Daily SMA200 138.34
 
Levels
Previous Daily High 141.72
Previous Daily Low 140.86
Previous Weekly High 141.86
Previous Weekly Low 139.53
Previous Monthly High 141.86
Previous Monthly Low 139.32
Daily Fibonacci 38.2% 141.39
Daily Fibonacci 61.8% 141.19
Daily Pivot Point S1 140.8
Daily Pivot Point S2 140.4
Daily Pivot Point S3 139.94
Daily Pivot Point R1 141.66
Daily Pivot Point R2 142.12
Daily Pivot Point R3 142.51

 

 

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