GBP/JPY Technical Analysis: Intraday positive momentum challenges 200-hour EMA hurdle

Haresh Menghani FXStreet

• The cross, for the second straight session, showed resilience and staged a goodish rebound from 50% Fibonacci retracement level of the 142.77-149.49 recent upsurge.

• Bulls managed to lift the cross back above 38.2% Fibonacci retracement level, albeit seemed struggling to extend the momentum beyond 200-hour Exponential MA (EMA).

• Meanwhile, technical indicators on the 1-hourly chart have been gaining positive momentum and thus, support prospects for an extension of the intraday bullish move.

However, it would be prudent to wait for a sustained move beyond the mentioned barrier before traders start positioning for any further near-term appreciating move.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Last Price: 147.26
    Daily change: 1.0e+2 pips
    Daily change: 0.718%
    Daily Open: 146.21
Trends:
    Daily SMA20: 146.33
    Daily SMA50: 146.79
    Daily SMA100: 145.81
    Daily SMA200: 147.35
Levels:
    Daily High: 147.58
    Daily Low: 146.07
    Weekly High: 149.5
    Weekly Low: 146.86
    Monthly High: 149.52
    Monthly Low: 142.78
    Daily Fibonacci 38.2%: 146.65
    Daily Fibonacci 61.8%: 147.01
    Daily Pivot Point S1: 145.66
    Daily Pivot Point S2: 145.11
    Daily Pivot Point S3: 144.15
    Daily Pivot Point R1: 147.17
    Daily Pivot Point R2: 148.14
    Daily Pivot Point R3: 148.69

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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