GBP/JPY Technical Analysis: Eyes three-month lows on bearish setup

Omkar Godbole FXStreet Contributor

The GBP/JPY pair risks falling to three-month lows below the Oct. 26 low of 142.77, having established a bearish lower high and lower low pattern yesterday with a convincing break below the Nov. 21 low of 144.00.

Daily chart

Yesterday's bearish close below 144.00 is backed by the descending 5- and 10-day simple moving averages.
The band of Fib EMAs (8, 13, 21, 34, 55) is also trendline lower in favor of the bears and the 14-day relative strength index (RSI) of 39.00 is signaling scope for a deeper drop.
The bearish outlook would be invalidated if pair closes above the descending (bearish) 10-day SMA of 144.73.

Trend: Bearish

GBP/JPY

Overview:
    Today Last Price: 143.39
    Today Daily change: -4.0 pips
    Today Daily change %: -0.0279%
    Today Daily Open: 143.43
Trends:
    Previous Daily SMA20: 145.7
    Previous Daily SMA50: 146.47
    Previous Daily SMA100: 145.56
    Previous Daily SMA200: 146.91
Levels:
    Previous Daily High: 144.77
    Previous Daily Low: 142.84
    Previous Weekly High: 145.84
    Previous Weekly Low: 144.52
    Previous Monthly High: 149.5
    Previous Monthly Low: 144.02
    Previous Daily Fibonacci 38.2%: 143.58
    Previous Daily Fibonacci 61.8%: 144.03
    Previous Daily Pivot Point S1: 142.59
    Previous Daily Pivot Point S2: 141.75
    Previous Daily Pivot Point S3: 140.67
    Previous Daily Pivot Point R1: 144.52
    Previous Daily Pivot Point R2: 145.6
    Previous Daily Pivot Point R3: 146.44

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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