GBP/JPY Technical Analysis: Choppy between 21-day EMA, monthly trendline

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.

Anil Panchal FXStreet

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

Trend: Sideways

additional important levels

Overview
Today last price	139.78
Today Daily Change	-2 pips
Today Daily Change %	-0.01%
Today daily open	139.8

Trends
Daily SMA20	140.06
Daily SMA50	136.25
Daily SMA100	134.16
Daily SMA200	138.54

Levels
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

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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