- GBP/JPY has been range-bound since mid-October.
- A gradually declining RSI reflects the price weakness from 141.50.
- 23.6% Fibonacci retracement, 200-day EMA could come back on the chart on the downside break.
While carrying forward its near-term trading range between 21-day EMA and a four-week-old falling trend line, the GBP/JPY pair trades around 139.77 amid the initial Thursday.
However, gradually declining levels of 14-day Relative Strength Index (RSI), coupled with the recent weakness in prices, signal pair’s declines to 138.00/137.80 confluence including 23.6% Fibonacci retracement of August-September upside and 200-day Exponential Moving Average (EMA) should the quote drop below 21-day EMA level of 139.22.
If at all bears keep dominating past-137.80, 38.2% Fibonacci retracement and September month high could please sellers around 135.75.
Meanwhile, pair’s break of monthly trend line resistance, at 140.50 now, can trigger fresh run-up to October month high near 141.50.
During the pair’s further rise past-141.50, late-May top close to 141.75 will be on the bulls’ radars.
GBP/JPY daily chart
additional important levels
|Today last price||139.78|
|Today Daily Change||-2 pips|
|Today Daily Change %||-0.01%|
|Today daily open||139.8|
|Previous Daily High||140.27|
|Previous Daily Low||139.44|
|Previous Weekly High||140.76|
|Previous Weekly Low||139.41|
|Previous Monthly High||141.51|
|Previous Monthly Low||130.42|
|Daily Fibonacci 38.2%||139.76|
|Daily Fibonacci 61.8%||139.95|
|Daily Pivot Point S1||139.4|
|Daily Pivot Point S2||139.01|
|Daily Pivot Point S3||138.57|
|Daily Pivot Point R1||140.23|
|Daily Pivot Point R2||140.67|
|Daily Pivot Point R3||141.06|
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