GBP/JPY technical analysis: Buyers again aim for 137.00 on sustained trading above 136.50/48

100-HMA, 38.2% Fibo. offers strong downside support.
Immediate ascending trend-line also portrays the pair’s strength.

Anil Panchal FXStreet

Failure to slip beneath immediate support-confluence portrays the GBP/JPY pair’s ability to again aim for 137.00 while it takes the rounds to 136.73 during the early Asian session on Thursday.

If prices manage to remain strong beyond the latest high near 137.00, 61.8% Fibonacci retracement of 137.20 and 137.80 can come back on the chart.

In a case, bulls manage to hold their bods above 137.80 last week's high around 138.33 could be their next target.

On the downside break of 136.50/48 support-confluence including 100-hour moving average (100-HMA) and 38.2% Fibonacci retracement could open the door for the pair’s fresh selling towards 136.13 support-line.

Also, pair’s decline below 136.13 trend-line support might not refrain from dragging it to 135.80 and then to 135.40 rest-points.

GBP/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	136.74
Today Daily Change	55 pips
Today Daily Change %	0.40%
Today daily open	136.19

Trends
Daily SMA20	137.73
Daily SMA50	141.49
Daily SMA100	143.3
Daily SMA200	143.86

Levels
Previous Daily High	136.26
Previous Daily Low	135.37
Previous Weekly High	138.33
Previous Weekly Low	136.51
Previous Monthly High	146.52
Previous Monthly Low	136.63
Daily Fibonacci 38.2%	135.92
Daily Fibonacci 61.8%	135.71
Daily Pivot Point S1	135.62
Daily Pivot Point S2	135.05
Daily Pivot Point S3	134.73
Daily Pivot Point R1	136.51
Daily Pivot Point R2	136.83
Daily Pivot Point R3	137.4

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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