GBP/JPY Technical Analysis: Intraday positive momentum stalls near 200-DMA

Haresh Menghani FXStreet

• The cross built on overnight rebound from near one-month lows and got an additional boost from stronger UK average weekly earnings growth data.

• The cross momentarily spiked above the 148.00 handle but struggled to build on the momentum further beyond the very important 200-day SMA.

• Meanwhile, technical indicators on 1-hourly/daily charts hold in positive territory and support prospects for an extension of the positive momentum.

• Given yesterday's bearish break through a four-week-old trading range, it would be prudent to wait for a sustained move beyond the mentioned barrier before positioning for any further up-move.

GBP/JPY daily chart

GBP/JPY

Overview:
    Last Price: 147.93
    Daily change: 93 pips
    Daily change: 0.633%
    Daily Open: 147
Trends:
    Daily SMA20: 148.16
    Daily SMA50: 145.27
    Daily SMA100: 145.8
    Daily SMA200: 148.07
Levels:
    Daily High: 147.44
    Daily Low: 146.51
    Weekly High: 149.52
    Weekly Low: 147.17
    Monthly High: 149.72
    Monthly Low: 146.32
    Daily Fibonacci 38.2%: 147.08
    Daily Fibonacci 61.8%: 146.86
    Daily Pivot Point S1: 146.53
    Daily Pivot Point S2: 146.06
    Daily Pivot Point S3: 145.61
    Daily Pivot Point R1: 147.46
    Daily Pivot Point R2: 147.91
    Daily Pivot Point R3: 148.38

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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