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

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

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

LIVE: Nonfarm Payrolls expected to show hiring pickup, dollar set to rock

After Fed Chair Powell sent the dollar surging with his reluctance to halt the bond yield rise, all eyes are on February´s Nonfarm Payrolls figures. An increase of 182K jobs is expected. Live coverage.

FOLLOW US LIVE

EUR/USD slides to new 2021 low on dollar strength, ahead of Nonfarm Payrolls

EUR/USD has hit a new trough near 1.19, the lowest level since December 2020. Fed Chair Powell's reluctance to lower US bond yields is boosting the dollar. The Nonfarm Payrolls report is set to show an increase of 182,000 jobs.

EUR/USD News

XAU/USD turns south once again, eyes $1670 ahead of NFP

XAU/USD consolidates the downside within a pennant on the 1H chart. RSI has turned south while trending well below the midline. US NFP holds the key as gold struggles below $1700.

Gold News

Crypto market bleeds after Bitcoin’s rejection at $52,000

The cryptocurrency market is still suffering from the impact of Bitcoin’s rejection of $52,000 for the second time in less than two weeks. Declines are likely to gain momentum, with BTC already trading under $50,000.

Read more

US Dollar Index: Upside momentum now looks to 92.46

DXY accelerates the march north and clinches new yearly highs just above 92.00 the figure on Friday.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures