GBP/JPY technical analysis: Corrects from 3-week tops, still above 130.00 mark

The GBP/JPY cross traded with a mild negative bias through the early European session on Friday and eroded a part of the previous session's strong upsurge to three-week tops.
The overnight upsurge stalled near the top end of an ascending trend-channel, which seemed to constitute towards the formation of a bearish continuation - flag chart pattern.

Haresh Menghani FXStreet

Hence, it will be prudent to wait for a sustained break through the mentioned barrier before confirming that the cross might have actually bottomed out in the near-term and positioning for any further appreciating move beyond the 131.00 round figure mark towards testing the next major hurdle near the 131.45-50 region.

Meanwhile, technical indicators on the daily chart have been recovering from the bearish territory but struggled to gain positive traction. Moreover, oscillators on hourly charts have been losing upside momentum - though maintained their positive bias - and further warrant some caution before placing any fresh bullish bets.

A follow-through retracement below the key 130.00 psychological mark will reaffirm the trend-channel resistance and prompt some fresh selling, turn the cross vulnerable to accelerate the slide back towards an intermediate resistance near the 129.55 region en-route 129.25-20 horizontal support and the 129.00 round figure mark.

GBP/JPY 4-hourly chart

GBP/JPY

Overview
Today last price	130.23
Today Daily Change	-0.20
Today Daily Change %	-0.15
Today daily open	130.43

Trends
Daily SMA20	129.69
Daily SMA50	133.34
Daily SMA100	137.69
Daily SMA200	140.57

Levels
Previous Daily High	130.71
Previous Daily Low	128.76
Previous Weekly High	129.58
Previous Weekly Low	126.54
Previous Monthly High	137.8
Previous Monthly Low	131.61
Daily Fibonacci 38.2%	129.97
Daily Fibonacci 61.8%	129.51
Daily Pivot Point S1	129.22
Daily Pivot Point S2	128.01
Daily Pivot Point S3	127.27
Daily Pivot Point R1	131.18
Daily Pivot Point R2	131.92
Daily Pivot Point R3	133.13

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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