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.

Haresh Menghani FXStreet

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

GBP/JPY

Overview
Today last price	136.4
Today Daily Change	0.21
Today Daily Change %	0.15
Today daily open	136.19

Trends
Daily SMA20	137.73
Daily SMA50	141.49
Daily SMA100	143.3
Daily SMA200	143.86

Levels
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

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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