GBP/JPY Technical Analysis: Resistance forming up from 149.20

The GBP/JPY is seeing an intraday topping pattern form from 149.20 as the GBP struggles to maintain its recent bullish stance against the safe-haven Yen, but a rough rising channel could see the GBP/JPY survive any downside shocks heading into the latter end of the week.

Joshua Gibson FXStreet

GBP/JPY M5

Hourly candles have the Guppy rising smoothly, pulling itself upwards from a clean bullish cross of the 200-hour moving average from 144.80 last week, and the 50-hour moving average is providing hefty support from 148.50.

GBP/JPY H1

Although the Guppy has enjoyed a tidy bullish channel, the shortside looms ahead as the pair runs into firm resistance from beneath the 150.00 major handle that formed up over the past two months, a level that the GBP/JPY has struggled to reclaim since May of this year.

GBP/JPY H4

GBP/JPY

Overview:
    Last Price: 149.09
    Daily change: -4.0 pips
    Daily change: -0.0268%
    Daily Open: 149.13
Trends:
    Daily SMA20: 146.35
    Daily SMA50: 146.56
    Daily SMA100: 145.76
    Daily SMA200: 147.46
Levels:
    Daily High: 149.24
    Daily Low: 148.34
    Weekly High: 147.26
    Weekly Low: 143.22
    Monthly High: 149.52
    Monthly Low: 142.78
    Daily Fibonacci 38.2%: 148.89
    Daily Fibonacci 61.8%: 148.68
    Daily Pivot Point S1: 148.57
    Daily Pivot Point S2: 148
    Daily Pivot Point S3: 147.67
    Daily Pivot Point R1: 149.47
    Daily Pivot Point R2: 149.8
    Daily Pivot Point R3: 150.37

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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