GBP/JPY technical analysis: Down 0.20%, further losses likely


  • GBP/JPY has dived out of a bullish channel, as per the 4-hour chart.
  • A retest of the recent low of 136.56 looks likely.

GBP/JPY is currently trading at 137.39, representing a 0.20% loss on the day. The risk-off tone in the equities seems to have put a bid under the anti-risk Japanese Yen.

Looking forward, the JPY cross risks revisiting the recent low of 136.56 in the short-term, as the 4-hour chart is reporting a rising channel breakdown.

Further, the 4-hour chart relative strength index (RSI) is reporting bearish conditions with a below-50 print, having witnessed a head-and-shoulders breakdown in the US trading hours on Wednesday.

The case for a pullback to 136.56 would weaken if the pair finds acceptance above 138.32.

4-hour chart

Trend: Bearish

Technical Levels

GBP/JPY

Overview
Today last price 137.39
Today Daily Change -0.25
Today Daily Change % -0.18
Today daily open 137.69
 
Trends
Daily SMA20 138.47
Daily SMA50 142.21
Daily SMA100 143.59
Daily SMA200 144.01
Levels
Previous Daily High 138.25
Previous Daily Low 137.55
Previous Weekly High 138.17
Previous Weekly Low 136.54
Previous Monthly High 146.52
Previous Monthly Low 136.63
Daily Fibonacci 38.2% 137.82
Daily Fibonacci 61.8% 137.98
Daily Pivot Point S1 137.41
Daily Pivot Point S2 137.13
Daily Pivot Point S3 136.71
Daily Pivot Point R1 138.11
Daily Pivot Point R2 138.53
Daily Pivot Point R3 138.81

 

 

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