GBP/JPY Technical Analysis: Defends 2-1/2-month old ascending trend-line post-UK retail sales, BoE next

Haresh Menghani FXStreet

• The cross managed to defend nearly 2-1/2-month-old ascending trend-line support on the back of stronger UK retail sales and oversold conditions on the 1-hourly chart.

• The mentioned support coincides with 50-day EMA and should now act as a key pivotal point for the pair's next leg of a directional move.

• Meanwhile, technical indicators on the 4-hourly chart maintained their bearish bias and are on the verge of breaking into the negative territory, suggesting further downside.

• Traders, however, now seemed to wait for the latest BoE monetary policy decision before placing any aggressive bets for any further near-term depreciating move.

• A convincing break below the mentioned confluence support, leading to a subsequent weakness below the key 145.00 psychological mark will confirm a near-term bearish breakdown.

GBP/JPY daily chart

GBP/JPY

Overview
Today last price	145.46
Today Daily Change	-0.62
Today Daily Change %	-0.42
Today daily open	146.08

Trends
Daily SMA20	146.71
Daily SMA50	144
Daily SMA100	143.65
Daily SMA200	144.67

Levels
Previous Daily High	148.1
Previous Daily Low	145.87
Previous Weekly High	148.88
Previous Weekly Low	143.72
Previous Monthly High	148.28
Previous Monthly Low	141.01
Daily Fibonacci 38.2%	146.72
Daily Fibonacci 61.8%	147.25
Daily Pivot Point S1	145.26
Daily Pivot Point S2	144.45
Daily Pivot Point S3	143.03
Daily Pivot Point R1	147.5
Daily Pivot Point R2	148.92
Daily Pivot Point R3	149.73

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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