GBP/JPY Technical Analysis: Bulls trying to defend descending channel support ahead of BoE

   •  Over the past two weeks or so, the cross has been correcting from near two-month tops along a descending trend-channel formation on short-term charts.

   •  Oscillators on hourly charts maintained their bearish bias and have just started gaining negative momentum on the daily chart, suggesting additional weakness.

   •  Meanwhile, the fact that the cross remains well below important intraday moving averages - 50, 100 & 200-hour SMA, further reinforce the near-term bearish outlook.

   •  However, given the recent upsurge, the channel might constitute toward the formation of a bullish continuation – flag chart pattern and thus, warrant some caution.

   •  Hence, it would be prudent to wait for a convincing breakthrough the channel support, which will confirm a bearish breakdown and open room for further downside.

GBP/JPY 1-hourly chart


    Today Last Price: 141.69
    Today Daily change %: -0.38%
    Today Daily Open: 142.23
    Daily SMA20: 141.93
    Daily SMA50: 141.56
    Daily SMA100: 144.17
    Daily SMA200: 144.97
    Previous Daily High: 142.53
    Previous Daily Low: 141.75
    Previous Weekly High: 144.73
    Previous Weekly Low: 142.08
    Previous Monthly High: 144.85
    Previous Monthly Low: 131.79
    Daily Fibonacci 38.2%: 142.05
    Daily Fibonacci 61.8%: 142.23
    Daily Pivot Point S1: 141.81
    Daily Pivot Point S2: 141.39
    Daily Pivot Point S3: 141.03
    Daily Pivot Point R1: 142.59
    Daily Pivot Point R2: 142.95
    Daily Pivot Point R3: 143.37


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hits fresh three-week lows as optimism from German data fades

EUR/USD has hit a fresh three-week low below 1.1070 as optimism from better-than-expected German PMIs fades. The data still points to a downturn. Tension mounts ahead of Fed's Powell critical speech on Friday.


GBP/USD surges above 1.2200 on Merkel's Brexit optimism

GBP/USD is trading above 1.2250, at the highest this month after German Chancellor Merkel said a solution to the Irish backstop can be found by October 31st. UK PM Johnson is meeting French President Macron.


USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 


Gold plummets to fresh nine-day lows near $1,492 on surging US T-bond yields

The XAU/USD pair came under renewed bearish pressure in the last hour and broke below the critical $1,500 as the rising US Treasury bond yields made it difficult for the safe-haven gold to find demand.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: BTC to $50,000 or Gold to $5,000? Current crypto levels to watch

"Gold will reach $5,000" claimed Peter Schiff, a crypto critic, and a gold bug. "Bitcoin will reach $50,000," said Tom Lee. Both influences clashed on social media and on television about future prices. 

Read more