- 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
|Today last price||141.13|
|Today Daily Change||-6 pips|
|Today Daily Change %||-0.04%|
|Today daily open||141.19|
|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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