GBP/JPY technical analysis: Intraday positive move stalls near descending trend-channel resistance


Gains some follow-through traction and adds to the overnight modest uptick.
Sustained move beyond 200-hour SMA needed to confirm any bullish bias.
 
The GBP/JPY cross to gain some follow-through traction for the second consecutive session on Thursday and recover further from one-month lows set earlier this week. Bulls, however, struggled to capitalize positive momentum and the uptick stalled near a resistance marked by the top end of a three-week-old descending trend-channel.
 
The mentioned hurdle coincides with 23.6% Fibonacci level of the 135.75-130.43 recent leg down, which should now act as a key pivotal point for short-term traders. This is closely followed by 200-hour SMA resistance near the 131.90 region, which if cleared will pave the way for a further near-term appreciating move.
 
Meanwhile, technical indicators on the 1-hourly chart have been gaining bullish traction over the past 24-hours but are yet to catch up on 4-hourly/daily charts. Hence, it will be prudent to wait for a sustained break through the mentioned barrier before positioning for a move towards 38.2% Fibo. level around the 132.40-45 region.
 
On the flip side, the 130.80 horizontal zone now seems to protect the immediate downside, which if broken might accelerate the fall towards the key 130.00 psychological mark.

GBP/JPY 1-hourly chart

fxsoriginal

GBP/JPY

Overview
Today last price 131.45
Today Daily Change 0.26
Today Daily Change % 0.20
Today daily open 131.19
 
Trends
Daily SMA20 133.17
Daily SMA50 131.02
Daily SMA100 133.62
Daily SMA200 138.74
 
Levels
Previous Daily High 131.83
Previous Daily Low 130.64
Previous Weekly High 133.36
Previous Weekly Low 131.28
Previous Monthly High 135.75
Previous Monthly Low 126.67
Daily Fibonacci 38.2% 131.38
Daily Fibonacci 61.8% 131.1
Daily Pivot Point S1 130.61
Daily Pivot Point S2 130.03
Daily Pivot Point S3 129.42
Daily Pivot Point R1 131.8
Daily Pivot Point R2 132.41
Daily Pivot Point R3 132.99

 

 

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