GBP/JPY Technical Analysis: Range bound inside a monthly symmetrical triangle


  • GBP/JPY bounces off the short-term triangle support.
  • An upside break of the formation can recall October highs while 137.50 could lure sellers below pattern’s support.

Following its one-month-old trading formation, GBP/JPY recovers to 139.80 by the press time of Friday’s Asian session.

The symmetrical triangle formation keeps prices under check between 139.50/45 and 140.35.

Pair’s recent pullback could push the quote towards pattern’s resistance, at 140.35 now, a break of which is likely a trigger for the fresh run-up to October high of 141.51. However, late-May high near 141.75 could question the pair’s further rise.

On the downside break of 139.45, October 16 low near 137.50 and 137.00 could stop sellers from targeting the September month top nearing 135.75.

GBP/JPY 4-hour chart

Trend: Sideways

additional important levels

Overview
Today last price 139.77
Today Daily Change 12 pips
Today Daily Change % 0.09%
Today daily open 139.65
 
Trends
Daily SMA20 140.04
Daily SMA50 136.41
Daily SMA100 134.19
Daily SMA200 138.53
 
Levels
Previous Daily High 139.89
Previous Daily Low 139.4
Previous Weekly High 140.76
Previous Weekly Low 139.41
Previous Monthly High 141.51
Previous Monthly Low 130.42
Daily Fibonacci 38.2% 139.59
Daily Fibonacci 61.8% 139.7
Daily Pivot Point S1 139.41
Daily Pivot Point S2 139.16
Daily Pivot Point S3 138.92
Daily Pivot Point R1 139.9
Daily Pivot Point R2 140.14
Daily Pivot Point R3 140.39

 

 

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