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