GBP/JPY Technical Analysis: jumps back closer to an important support turned resistance

Haresh Menghani FXStreet

• Building on Friday's goodish rebound from the 146.00 handle and the momentum is supported by risk-on mood, which was seen weighing on the JPY's safe-haven demand.
• The up-move might continue to struggle near a precious strong support now turned resistance marked by an upward sloping trend-line, extending from lows touched in August 2017 through March/May 2018 lows.
• A convincing move needed to extend the rally towards an important moving averages confluence (100 & 200-day SMAs), currently near the 149.60-70 region.

GBP/JPY daily chart

Spot Rate: 147.57
Daily Low: 146.55
Trend: Overall trend remains bearish

Resistance
R1: 148.22 (trend-line support turned resistance)
R2: 148.83 (R3 daily pivot-point)
R3: 149.11 (50-day SMA)

Support
S1: 147.00 (round figure mark)
S2: 146.79 (daily pivot-point)
S3: 146.25 (200-period SMA H1)

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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