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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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