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

fxsoriginal

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls below 1.1850 as US consumer sentiment beats

EUR/USD is trading under1.1850, off the previous levels as US consumer sentiment beat estimates with 78.9 points. The Fed refrained from adding more stimulus, supporting the dollar earlier in the week. Investors are eyeing fiscal stimulus talks.

EUR/USD News

GBP/USD falls as the EU reportedly objects Johnson's bill

GBP/USD is trading around 1.2950, off the highs. According to reports, the EU remains opposed to UK PM Johnson's controversial bill, which violates the Brexit accord. 

GBP/USD News

XAU/USD struggles to move back above 100-hour SMA

Gold regained some positive traction on the last trading day of the week and recovered a part of the previous day's losses to over one-week lows. The commodity held on to its intraday gains and traded above the $1950 level through the mid-European session.

Gold News

Ethereum hits Bitcoin's bid to lead the market

Bitcoin risks dominance after the strong rise of Ethereum. Technical indicators show some significant discrepancies keeping the stress on the board. Sentiment levels are improving and bordering on optimism.

Read more

After yesterday's JMMC meeting WTI settles near $40 per barrel

WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures