GBP/JPY Technical Analysis: Pulls back from rising channel’s resistance amid overbought RSI

GBP/JPY fails to defy the two-week-old rising channel.
Overbought RSI conditions can trigger pullback to late-November high.
Lows marked in March and April months could lure buyers during further upside.

Anil Panchal FXStreet

GBP/JPY seesaws around 143.00 during the Asian session on Friday. In doing so, the pair steps back from resistance line of a short-term ascending trend-channel.

In addition to its pullback from the channel’s resistance line, overbought conditions of 14-bar Relative Strength Index (RSI) also push sellers to look for entry while targeting November 27 top close to 141.85.

During the pair’s additional declines below 141.85, November 18 high near 141.55 and channel support near 141.20 becomes the key to watch.

On the contrary, pair’s run-up beyond the latest high around 143.25 could escalate the north-run to March/April lows near 143.72/80.

GBP/JPY 4-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	143.09
Today Daily Change	0.43
Today Daily Change %	0.30%
Today daily open	142.66

Trends
Daily SMA20	140.54
Daily SMA50	138.38
Daily SMA100	134.91
Daily SMA200	138.32

Levels
Previous Daily High	142.8
Previous Daily Low	140.83
Previous Weekly High	141.86
Previous Weekly Low	139.53
Previous Monthly High	141.86
Previous Monthly Low	139.32
Daily Fibonacci 38.2%	142.05
Daily Fibonacci 61.8%	141.58
Daily Pivot Point S1	141.4
Daily Pivot Point S2	140.13
Daily Pivot Point S3	139.43
Daily Pivot Point R1	143.37
Daily Pivot Point R2	144.07
Daily Pivot Point R3	145.34

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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