GBP/JPY Technical Analysis: Confirms a bearish breakthrough near 4-week old trading range

Haresh Menghani FXStreet

• The cross gapped lower at the start of a new trading week and now seems to have confirmed a bearish breakthrough a near four-week-old trading range.

• Given the pair's inability to sustain above the very important 200-day SMA, the breakdown now indicates a near-term top formation around the 149.40-50 region.

• Meanwhile, technical indicators on the daily chart have also started losing positive momentum and thus, increase prospects for an extension of the bearish trajectory.

GBP/JPY daily chart

GBP/JPY

Overview:
    Last Price: 146.73
    Daily change: -88 pips
    Daily change: -0.596%
    Daily Open: 147.61
Trends:
    Daily SMA20: 148.17
    Daily SMA50: 145.21
    Daily SMA100: 145.78
    Daily SMA200: 148.1
Levels:
    Daily High: 149.01
    Daily Low: 147.17
    Weekly High: 149.52
    Weekly Low: 147.17
    Monthly High: 149.72
    Monthly Low: 146.32
    Daily Fibonacci 38.2%: 147.87
    Daily Fibonacci 61.8%: 148.31
    Daily Pivot Point S1: 146.84
    Daily Pivot Point S2: 146.08
    Daily Pivot Point S3: 145
    Daily Pivot Point R1: 148.69
    Daily Pivot Point R2: 149.78
    Daily Pivot Point R3: 150.54

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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