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

   •  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


Today last price 138.82
Today Daily Change -0.13
Today Daily Change % -0.09
Today daily open 138.95
Daily SMA20 142.36
Daily SMA50 144.32
Daily SMA100 143.9
Daily SMA200 144.36
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



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