GBP/JPY Technical Analysis: Fails to capitalize on overnight bullish breakout

   •  The cross failed to capitalize on the overnight bullish break through a 2-1/2 week old descending trend-channel formation and held on the defensive through the early European session. 

   •  Bulls, however, now seemed to show some resilience near 50-period SMA on the 4-hourly chart, also coinciding with a one-week-old trading range resistance break-point turned support.

   •  Technical indicators on 4-hourly/daily charts have managed to hold with a mild positive bias and support prospects for further gains, though Brexit uncertainties might cap strong gains.

   •  Hence, it would be prudent to wait for a strong follow-through buying to reaffirm a near-term bullish outlook and before traders start positioning for a further near-term appreciating move.

GBP/JPY 4-hourly chart


    Today Last Price: 142.45
    Today Daily change %: -0.11%
    Today Daily Open: 142.61
    Daily SMA20: 142.63
    Daily SMA50: 141.35
    Daily SMA100: 143.86
    Daily SMA200: 144.82
    Previous Daily High: 143.34
    Previous Daily Low: 142.32
    Previous Weekly High: 144.18
    Previous Weekly Low: 141.12
    Previous Monthly High: 144.85
    Previous Monthly Low: 131.79
    Daily Fibonacci 38.2%: 142.95
    Daily Fibonacci 61.8%: 142.71
    Daily Pivot Point S1: 142.17
    Daily Pivot Point S2: 141.74
    Daily Pivot Point S3: 141.16
    Daily Pivot Point R1: 143.19
    Daily Pivot Point R2: 143.77
    Daily Pivot Point R3: 144.21


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.