- 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.
|Today last price||137.39|
|Today Daily Change||-0.25|
|Today Daily Change %||-0.18|
|Today daily open||137.69|
|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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