GBP/JPY Technical Analysis: Confirms a near-term bullish breakout ahead of UK CPI

Haresh Menghani FXStreet

• The cross finally broke out of its four-day-old consolidative trading range and jumped to the 143.00 neighbourhood, or over one-week tops in the last hour.

• The up-move also confirmed a bullish break through a descending trend-channel, held over the past 2-1/2 weeks or so, and paves the way for additional gains.

GBP/JPY 1-hourly chart

• Looking at the broader picture, the descending trend-channel also constituted towards the formation of a bullish continuation flag chart pattern on the daily chart.

• Bullish oscillators on 4-hourly/daily charts add credence to the near-term constructive set-up, albeit overbought conditions on the 1-hourly chart capped gains.

Daily chart

• Traders now look to the release of latest UK consumer inflation figures before positioning for an extension of the pair’s recent up-move from over 2-week lows.

GBP/JPY

Overview:
    Today Last Price: 142.91
    Today Daily change %: 0.32%
    Today Daily Open: 142.46
Trends:
    Daily SMA20: 142.52
    Daily SMA50: 141.38
    Daily SMA100: 143.92
    Daily SMA200: 144.85
Levels:
    Previous Daily High: 142.64
    Previous Daily Low: 141.72
    Previous Weekly High: 144.18
    Previous Weekly Low: 141.12
    Previous Monthly High: 144.85
    Previous Monthly Low: 131.79
    Daily Fibonacci 38.2%: 142.29
    Daily Fibonacci 61.8%: 142.07
    Daily Pivot Point S1: 141.91
    Daily Pivot Point S2: 141.35
    Daily Pivot Point S3: 140.99
    Daily Pivot Point R1: 142.83
    Daily Pivot Point R2: 143.2
    Daily Pivot Point R3: 143.75

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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