GBP/JPY Technical Analysis: Pulls back from 142.83/90 confluence on Japanese catalysts

GBP/JPY steps back from 21-DMA, 23.6% Fibonacci retracement after Japan’s data dump, BOJ Summary of Opinions.
50-DMA acts as immediate support ahead of the key support trend line.

Anil Panchal FXStreet

Given the mostly upbeat prints of Japanese data and Bank of Japan (BOJ) policymakers’ Summary of Opinions, GBP/JPY declines to 142.30 during early Friday.

Read: USD/JPY drops to 109.55 after Japan’s data dump

The pair seems now declining towards a 50-day Simple Moving Average (DMA) level of 141.30 while 38.2% Fibonacci retracement of September-December upside, at 139.80, could question bears then after.

If at all sellers dominate below 139.80, an ascending trend line since early-September, at 139.00 now, will be on the Bears’ radar.

Alternatively, pair’s daily closing beyond the confluence of 21-DMA and 23.6% Fibonacci retracement, near 142.83/90, could escalate the recovery towards 144.00 and December 16 low near 145.75.

Assuming the quote’s extended rise past-145.75, the monthly top surrounding 148.00 could be refreshed.

GBP/JPY daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	142.4
Today Daily Change	-0.16
Today Daily Change %	-0.11%
Today daily open	142.56

Trends
Daily SMA20	142.85
Daily SMA50	141.26
Daily SMA100	136.65
Daily SMA200	138.02

Levels
Previous Daily High	142.73
Previous Daily Low	140.28
Previous Weekly High	146.82
Previous Weekly Low	141.98
Previous Monthly High	141.86
Previous Monthly Low	139.32
Daily Fibonacci 38.2%	141.8
Daily Fibonacci 61.8%	141.22
Daily Pivot Point S1	140.99
Daily Pivot Point S2	139.41
Daily Pivot Point S3	138.54
Daily Pivot Point R1	143.44
Daily Pivot Point R2	144.31
Daily Pivot Point R3	145.89

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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