GBP/JPY Technical Analysis: Forms a base near 100-hour SMA ahead of UK CPI/Cabinet meeting

Haresh Menghani FXStreet

• The cross on Tuesday rebounded sharply from 50% Fibonacci retracement level of the 142.77-149.49 recent upsurge and now seemed to form a base near 100-hour SMA.

• Technical indicators on hourly/daily charts have managed to hold in bullish territory and thus, support prospects for an extension of the intraday positive momentum.

• Despite a constructive set-up, the cross was seen oscillating in a narrow trading band as traders seemed reluctant to place aggressive bets ahead of the crucial UK Cabinet meeting.

• A sustained below the mentioned support, leading to a subsequent breakthrough the very important 200-day SMA, might negate the bullish outlook and prompt some aggressive selling.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Last Price: 148.05
    Daily change: 65 pips
    Daily change: 0.441%
    Daily Open: 147.4
Trends:
    Daily SMA20: 146.3
    Daily SMA50: 146.87
    Daily SMA100: 145.83
    Daily SMA200: 147.31
Levels:
    Daily High: 148.74
    Daily Low: 146
    Weekly High: 149.5
    Weekly Low: 146.86
    Monthly High: 149.52
    Monthly Low: 142.78
    Daily Fibonacci 38.2%: 147.69
    Daily Fibonacci 61.8%: 147.04
    Daily Pivot Point S1: 146.02
    Daily Pivot Point S2: 144.64
    Daily Pivot Point S3: 143.28
    Daily Pivot Point R1: 148.76
    Daily Pivot Point R2: 150.12
    Daily Pivot Point R3: 151.5

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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