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.

Anil Panchal FXStreet

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

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.

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