GBP/JPY Technical Analysis: Drops to 1-week-low, 21-day SMA question sellers

GBP/JPY extends pullback from a fortnight top.
61.8% Fibonacci retracement, 200-day SMA offer support.
141.50/75 could gain bull’s attention while rising beyond October top.

Anil Panchal FXStreet

A failure to provide an upside break of the trading range since October 24 drags GBP/JPY to 21-day SMA while taking rounds to 139.60 ahead of the UK open on “Super Thursday.”

While the 21-day Simple Moving Average (SMA) level of 139.42 seems to limit pair’s immediate declines, 61.8% Fibonacci retracement of May-August declines and 200-day SMA could question bears around 138.90/60 area.

If prices fail to respect the key support zone, July month top of 137.80 and 50% Fibonacci retracement level of 136.53 could lure pessimists.

On the upside, 140.75/80 could keep the quote in checks during its U-turn ahead of highlighting October high of 141.50/75 region including October and late-May highs to buyers.

GBP/JPY daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	139.63
Today Daily Change	-43 pips
Today Daily Change %	-0.31%
Today daily open	140.06

Trends
Daily SMA20	139.41
Daily SMA50	135.17
Daily SMA100	133.99
Daily SMA200	138.61

Levels
Previous Daily High	140.72
Previous Daily Low	139.87
Previous Weekly High	140.7
Previous Weekly Low	139.3
Previous Monthly High	141.51
Previous Monthly Low	130.42
Daily Fibonacci 38.2%	140.19
Daily Fibonacci 61.8%	140.39
Daily Pivot Point S1	139.71
Daily Pivot Point S2	139.36
Daily Pivot Point S3	138.86
Daily Pivot Point R1	140.56
Daily Pivot Point R2	141.07
Daily Pivot Point R3	141.42

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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