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.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.