GBP/JPY technical analysis: Recent bullish momentum might have already run out of the steam

The overnight optimism led by the UK Supreme Court ruling turned out to be short-lived.
A sustained break below 133.35 region should pave the way for a further near-term slide.

Haresh Menghani FXStreet

The GBP/JPY cross extended previous session's rejection slide from 200-hour SMA and remained under some selling pressure through the early European session on Wednesday.

The ongoing corrective slide from over two-month tops - marking the third day of a negative move in the previous four - has now dragged the cross back towards the 133.35 horizontal zone.

The mentioned region coincides with 23.6% Fibonacci retracement level of the 126.67-135.75 move up and should now act as a key pivotal point for the pair's next leg of a directional move.

Meanwhile, oscillators on hourly charts have struggled to recover from the bearish territory and have also started losing positive momentum on the daily chart, suggesting further downside.

Sustained weakness below the mentioned support will reinforce the negative outlook and accelerate the slide towards the 133.00 handle en-route 38.2% Fibo. level support near the 32.30-25 region.

On the upside, the 134.00 round-figure mark now becomes immediate resistance and any subsequent up-move might continue to confront some fresh supply near 200-hour SMA - around mid-134.00s.

Above the said resistance levels, the cross is likely to aim towards conquering the key 135.00 psychological mark before eventually aiming towards the recent swing highs near the 135.75 region.

GBP/JPY 1-hourly chart

GBP/JPY

Overview
Today last price	133.43
Today Daily Change	-0.37
Today Daily Change %	-0.28
Today daily open	133.8

Trends
Daily SMA20	132.34
Daily SMA50	131.46
Daily SMA100	134.62
Daily SMA200	139.19

Levels
Previous Daily High	134.62
Previous Daily Low	133.55
Previous Weekly High	135.75
Previous Weekly Low	133.88
Previous Monthly High	132.56
Previous Monthly Low	126.54
Daily Fibonacci 38.2%	134.21
Daily Fibonacci 61.8%	133.96
Daily Pivot Point S1	133.36
Daily Pivot Point S2	132.92
Daily Pivot Point S3	132.29
Daily Pivot Point R1	134.43
Daily Pivot Point R2	135.06
Daily Pivot Point R3	135.5

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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