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

Haresh Menghani FXStreet

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

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

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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