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

Haresh Menghani FXStreet

• 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

GBP/JPY

Overview:
    Today Last Price: 142.45
    Today Daily change %: -0.11%
    Today Daily Open: 142.61
Trends:
    Daily SMA20: 142.63
    Daily SMA50: 141.35
    Daily SMA100: 143.86
    Daily SMA200: 144.82
Levels:
    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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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