GBP/JPY technical analysis: Defends ascending trend-line/100-hour SMA confluence support, at least for now

The GBP/JPY cross stalled its intraday slide and managed to find decent support near a short-term ascending trend-line, extending from monthly lows set on June 4.
The mentioned support coincides with 100-hour SMA and should now act as a key pivotal point for short-term traders amid absent relevant market-moving UK data.

Haresh Menghani FXStreet

Meanwhile, technical indicators on hourly charts have already started losing positive momentum and maintained their bearish bias on the daily chart, support prospects for a fresh near-term bearish breakdown.

A convincing breakthrough now seems to accelerate the downfall towards mid-137.00s before the cross eventually slides below the 137.00 round figure mark towards retesting multi-month lows, around the 136.60 region.

On the flip side, the 138.25-30 region now seems to have emerged as an immediate strong resistance, which if cleared decisively might negate the negative outlook and prompt some short-covering move towards the 139.00 handle.

GBP/JPY 1-hourly chart

GBP/JPY

Overview
Today last price	137.97
Today Daily Change	-0.10
Today Daily Change %	-0.07
Today daily open	138.07

Trends
Daily SMA20	138.62
Daily SMA50	142.39
Daily SMA100	143.65
Daily SMA200	144.04

Levels
Previous Daily High	138.33
Previous Daily Low	137.49
Previous Weekly High	138.17
Previous Weekly Low	136.54
Previous Monthly High	146.52
Previous Monthly Low	136.63
Daily Fibonacci 38.2%	138.01
Daily Fibonacci 61.8%	137.81
Daily Pivot Point S1	137.6
Daily Pivot Point S2	137.12
Daily Pivot Point S3	136.76
Daily Pivot Point R1	138.44
Daily Pivot Point R2	138.8
Daily Pivot Point R3	139.28

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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