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.

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