GBP/JPY technical analysis: Move beyond mid-136.00s (38.2% Fibo.) to pave way for additional recovery

  • The GBP/JPY cross built on the previous session's modest rebound from multi-month lows and traded with a mild positive bias for the second consecutive session on Wednesday.
  • The positive momentum helped the cross to make it through a one-week-old ascending trend-line resistance, albeit struggled near 38.2% Fibo. level of the 138.24-135.38 recent slide.

Meanwhile, technical indicators on the 1-hourly chart have been gaining positive traction and also recovered from the negative territory on the 4-hourly chart. Moreover, oscillators on the daily chart are yet to move out of the oversold territory and further support prospects for an extension of the attempted bounce.

Sustained move beyond mid-136.00s (38.2% Fibo. level) will add credence to the positive outlook and assist the pair to aim towards reclaiming the 137.00 round figure mark with some intermediate resistance near the 136.75-80 horizontal zone - marking 50% Fibo. level.

On the flip side, the 136.00 handle - coinciding with 23.6% Fibo. level and the descending trend-line breakpoint now seems to protect the immediate downside. Failure to defend the mentioned confluence support might turn the cross vulnerable to resume with its well-established bearish trajectory.

GBP/JPY 1-hourly chart


Today last price 136.4
Today Daily Change 0.21
Today Daily Change % 0.15
Today daily open 136.19
Daily SMA20 137.73
Daily SMA50 141.49
Daily SMA100 143.3
Daily SMA200 143.86
Previous Daily High 136.26
Previous Daily Low 135.37
Previous Weekly High 138.33
Previous Weekly Low 136.51
Previous Monthly High 146.52
Previous Monthly Low 136.63
Daily Fibonacci 38.2% 135.92
Daily Fibonacci 61.8% 135.71
Daily Pivot Point S1 135.62
Daily Pivot Point S2 135.05
Daily Pivot Point S3 134.73
Daily Pivot Point R1 136.51
Daily Pivot Point R2 136.83
Daily Pivot Point R3 137.4



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces off the lows as the market mood improves

EUR/USD is bouncing toward 1.18, recovering from the fall triggered by upbeat US jobs figures and escalating Sino-American tensions. Investors are eyeing the fiscal stimulus impasse in Washington after Trump's executive order and the market mood has somewhat improved.


GBP/USD recovering toward 1.31 as the dollar weakens

GBP/USD has recovered toward 1.31 as the dollar pares early gains amid the impasse in Washington over new fiscal stimulus. A survey showing that a third of UK employers may lay off workers is weighing on the pound.


XAU/USD retreats to $2030 after making a run to $2050

Gold prices spiked to the upside after the beginning of the American session but then pulled back erasing gains. XAU/USD jumped to $2049.70/oz, and as of writing, it trades at $2033, practically at the same level it closed on Friday.

Gold News

It is time for King Bitcoin

The crypto board starts the week stuck on critical levels. The war for dominance has been favorable to Ethereum for weeks, and the graphics seem to indicate that it's now Bitcoin's turn to win a few battles.

Read more

WTI: $42.30 is the level to beat for the bulls

WTI (futures on Nymex) climbed nearly 1.50% in a bid to test the $42 mark on Monday, in the wake of the upbeat outlook painted by Saudi Aramco’s CEO Nasser and expectations that Iraq will cut output in August.

Oil News