GBP/JPY Technical Analysis: Jumps above 50-hour SMA, bulls eyeing a move beyond 23.6% Fibo. level

Haresh Menghani FXStreet

• The cross finally broke out of its Asian session consolidation phase and a move beyond 50-hour SMA was seen as a key trigger for the latest leg of a sudden pickup in the last hour.

• The cross spiked back closer to the top end of Friday's broader trading range, nearing a resistance marked by 23.6% Fibonacci retracement level of 148.73-144.25 last week's sharp fall.

• Technical indicators on the 1-hourly chart have already recovered from the bearish territory and support prospects for an extension of the pair's intraday positive momentum beyond the 145.00 handle.

• However, a convincing break below the 144.60-50 horizontal zone might negate the constructive outlook and turn the cross vulnerable to resume with its bearish slide amid UK political uncertainty.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Last Price: 145.18
    Daily change: 47 pips
    Daily change: 0.325%
    Daily Open: 144.71
Trends:
    Daily SMA20: 146.13
    Daily SMA50: 147.01
    Daily SMA100: 145.85
    Daily SMA200: 147.21
Levels:
    Daily High: 145.46
    Daily Low: 144.6
    Weekly High: 148.74
    Weekly Low: 144.26
    Monthly High: 149.52
    Monthly Low: 142.78
    Daily Fibonacci 38.2%: 144.93
    Daily Fibonacci 61.8%: 145.13
    Daily Pivot Point S1: 144.39
    Daily Pivot Point S2: 144.07
    Daily Pivot Point S3: 143.53
    Daily Pivot Point R1: 145.24
    Daily Pivot Point R2: 145.78
    Daily Pivot Point R3: 146.1

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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