GBP/JPY Technical Analysis: Bulls struggling near 141.20-30 confluence support

GBP/JPY remains under some heavy selling pressure for the second straight session.
The technical set-up might have already shifted back in favour of bearish traders.

Haresh Menghani FXStreet

The GBP/JPY cross remained under some heavy selling pressure for the second consecutive session on Friday and dropped back closer to multi-week lows set last Monday.

The cross is currently hovering around confluence support comprising of 38.2% Fibonacci level of the 130.42-147.96 August to December positive move and 50-day SMA.

The mentioned support also coincides with the previous multi-week-old trading range resistance, which should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on the daily chart have again started gaining negative traction and support prospects for an extension of the ongoing depreciating move.

Some follow-through selling below the 141.00 handle will reaffirm the bearish outlook and set the stage for a slide towards challenging the key 140.00 psychological mark.

The downward momentum could further get extended towards testing strong horizontal support near the 139.15-10 region, also marking 50% Fibo. level support.

GBP/JPY daily chart

GBP/JPY

Overview
Today last price	141.23
Today Daily Change	-1.41
Today Daily Change %	-0.99
Today daily open	142.64

Trends
Daily SMA20	143.19
Daily SMA50	141.56
Daily SMA100	137.43
Daily SMA200	137.97

Levels
Previous Daily High	144.2
Previous Daily Low	142.27
Previous Weekly High	144.98
Previous Weekly Low	140.28
Previous Monthly High	147.96
Previous Monthly Low	140.28
Daily Fibonacci 38.2%	143
Daily Fibonacci 61.8%	143.46
Daily Pivot Point S1	141.87
Daily Pivot Point S2	141.1
Daily Pivot Point S3	139.94
Daily Pivot Point R1	143.8
Daily Pivot Point R2	144.96
Daily Pivot Point R3	145.73

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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