GBP/JPY Technical Analysis: Bulls await a sustained break through 3-week old descending trend-channel

Haresh Menghani FXStreet

• The cross built on Friday's goodish bounce from the 141.00 round figure mark and is currently placed at the top end of over three-week-old descending trend-channel.

• Technical indicators on 4-hourly/daily chart have again started gaining positive traction and support prospects for an extension of the ongoing bullish trajectory.

GBP/JPY 4-hourly chart

• Moreover, the fact that the cross is holding comfortably above important intraday moving averages - 50, 100 & 200-hour SMAs, add credence to the constructive outlook.

• However, traders are likely to wait for a convincing breakthrough the channel hurdle before positioning for further up-move amid slightly overbought conditions on the 1-hourly chart.

1-hourly chart

Technical levels to watch

GBP/JPY

Overview:
    Today Last Price: 142.84
    Today Daily change %: 0.36%
    Today Daily Open: 142.33
Trends:
    Daily SMA20: 142.66
    Daily SMA50: 141.27
    Daily SMA100: 143.74
    Daily SMA200: 144.76
Levels:
    Previous Daily High: 142.41
    Previous Daily Low: 141.01
    Previous Weekly High: 143.34
    Previous Weekly Low: 141.01
    Previous Monthly High: 144.85
    Previous Monthly Low: 131.79
    Daily Fibonacci 38.2%: 141.88
    Daily Fibonacci 61.8%: 141.55
    Daily Pivot Point S1: 141.43
    Daily Pivot Point S2: 140.52
    Daily Pivot Point S3: 140.03
    Daily Pivot Point R1: 142.82
    Daily Pivot Point R2: 143.32
    Daily Pivot Point R3: 144.22

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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