- The GBP/JPY cross stalled its recent bearish trajectory and staged a modest rebound from multi-month lows, snapping three consecutive days of losing streak.
- The recovery helped the cross to defend a support marked by the lower end of a short-term descending trend-channel held over the past three trading sessions.
The top end of the mentioned trend-channel coincides with 23.6% Fibonacci retracement level of the 138.33-136.48 recent slide, which should now act as a key pivotal point for short-term traders and supporting prospects for any further recovery.
Meanwhile, technical indicators on the 1-hourly chart have managed to recover from the negative territory but maintained their bearish bias on 4-hourly/daily charts, warranting some caution before placing any aggressive bullish bets.
Hence, it would be prudent to wait for a sustained move beyond the mentioned confluence hurdle, above which the cross seems all set to accelerate the up-move further towards another confluence resistance near the 137.40-45 region.
The said hurdle comprises of 100-hour SMA and 50% Fibonacci retracement level and might keep a lid on any subsequent up-move ahead of Tuesday’s second vote for the Tory leadership and growing fears of a no-deal Brexit.
GBP/JPY 1-hourly chart
|Today last price||136.8|
|Today Daily Change||0.14|
|Today Daily Change %||0.10|
|Today daily open||136.66|
|Previous Daily High||137.44|
|Previous Daily Low||136.51|
|Previous Weekly High||138.33|
|Previous Weekly Low||136.51|
|Previous Monthly High||146.52|
|Previous Monthly Low||136.63|
|Daily Fibonacci 38.2%||136.87|
|Daily Fibonacci 61.8%||137.08|
|Daily Pivot Point S1||136.3|
|Daily Pivot Point S2||135.94|
|Daily Pivot Point S3||135.37|
|Daily Pivot Point R1||137.23|
|Daily Pivot Point R2||137.8|
|Daily Pivot Point R3||138.16|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.