GBP/JPY technical analysis: Pivots around 200-hour SMA, bulls await a move beyond 136.00 handle
- The GBP/JPY cross continued with its struggle to make it through the 136.00 handle, albeit seemed to form a base near 200-hour SMA.
- Neutral technical indicators on hourly charts haven't been supportive of any firm intraday direction and thus, warrant caution for traders.
Meanwhile, oscillators on the daily charts maintained their bearish bias and support prospects for a further near-term depreciating move, though bears are likely to wait for a sustained weakness below the key 135.00 psychological mark.
The mentioned handle has been tested twice since the beginning of this month and should now act as a key pivotal point for the pair’s next leg of a directional move trajectory, rather be a key trigger for bearish traders amid rising no-deal Brexit fears.
Alternatively, a sustained break through the 136.00 mark, leading a subsequent strength above weekly tops – around the 136.25-30 region might trigger some short-covering move and lift the cross further towards reclaiming the 137.00 handle.
GBP/JPY 1-hourly chart
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Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
