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.

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

 

 

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