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

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

 

 

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