GBP/JPY Technical Analysis: Ranging below 100-hour SMA

Haresh Menghani FXStreet

• A combination of diverging forces led to a subdued/range-bounce price action at the start of a new trading week, with the cross struggling to make it through 100-period EMA on the 1-hourly chart.

• Brexit uncertainties continue to weigh on the British Pound, while risk-on mood dented the Japanese Yen's safe-haven appeal and eventually did little to provide any meaningful impetus to the cross.

• Technical indicators on the mentioned chart were oscillating in neutral territory and hence, it would be prudent to wait for a convincing move in either direction before initiating any fresh positions.

GBP/JPY 1-hourly chart

Spot Rate: 140.91
Daily High: 141.03
Daily Low: 140.72
Trend: Sideways

Resistance
R1: 141.29 (R1 daily pivot-point)
R2: 141.55 (200-period SMA H1)
R3: 142.00 (round figure mark)

Support
S1: 140.55 (horizontal zone)
S2: 140.34 (S1 daily pivot-point)
S3: 139.90 (1-year low set last Wednesday)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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