GBP/JPY technical analysis: Hangs near multi-month lows, bears eyeing a break below mid-138.00s

Haresh Menghani FXStreet

• The GBP/JPY cross struggled to capitalize on its early uptick to levels beyond mid-139.00s and has now dropped back within the striking distance of over four-month lows.

• Failure to find acceptance above 100-hour SMA clearly suggest that the near-term bearish pressure might still be far from being over and support prospects for further downside.

Technical indicators on hourly charts have again started gaining negative momentum and add credence to the bearish outlook, albeit oversold conditions on the daily chart warrant some caution before placing any aggressive bets.

Hence, it would be prudent to wait for a sustained weakness below the 138.55-50 horizontal support, below which the cross is likely to turn vulnerable to break below the 138.00 handle and aim towards testing its next support near the 137.40-35 region.

GBP/JPY 1-hourly chart

GBP/JPY

Overview
Today last price	138.82
Today Daily Change	-0.13
Today Daily Change %	-0.09
Today daily open	138.95

Trends
Daily SMA20	142.36
Daily SMA50	144.32
Daily SMA100	143.9
Daily SMA200	144.36

Levels
Previous Daily High	139.51
Previous Daily Low	138.51
Previous Weekly High	141.74
Previous Weekly Low	138.51
Previous Monthly High	147.2
Previous Monthly Low	143.76
Daily Fibonacci 38.2%	139.13
Daily Fibonacci 61.8%	138.89
Daily Pivot Point S1	138.47
Daily Pivot Point S2	137.99
Daily Pivot Point S3	137.47
Daily Pivot Point R1	139.47
Daily Pivot Point R2	139.99
Daily Pivot Point R3	140.47

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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