GBP/JPY technical analysis: Set-up remains in favour of bullish traders, dip-buying to help limit any pullback

  • Struggles to sustain above 133.00 handle and retreats from 61.8% Fibo. level.
  • Reviving safe-haven demand seemed to be the only factor capping further gains.

The GBP/JPY cross continued with its struggle to sustain above the 133.00 handle and once again started retreating from a resistance marked by 61.8% Fibo. level of the 137.80-126.54 downfall.
With investors looking past the latest Brexit optimism, reviving safe-haven demand benefitted the Japanese Yen and seemed to be the only factors keeping a lid on any further up-move for the cross.
However, the fact that the cross has decisively broken through a confluence resistance earlier this week, the set-up remains in favour of bullish traders and support prospects for additional gains.
Moreover, technical indicators maintained their bullish bias on 4-hourly/daily charts and further add credence to the near-term constructive outlook amid receding fears of a no-deal Brexit.
Hence, any meaningful pullback seems to attract some dip-buying interest near the 132.00 round figure mark - 50% Fibo. level - and help limit the downside near the mentioned resistance breakpoint.
On the flip side, sustained move beyond the 133.00 handle, leading to a subsequent beyond the 133.35-40 region now seems to set the stage for an extension of the recent recovery move from multi-year lows.

GBP/JPY daily chart



Today last price 132.9
Today Daily Change -0.03
Today Daily Change % -0.02
Today daily open 132.93
Daily SMA20 130.07
Daily SMA50 131.65
Daily SMA100 135.56
Daily SMA200 139.57
Previous Daily High 133.38
Previous Daily Low 132.68
Previous Weekly High 132.19
Previous Weekly Low 126.67
Previous Monthly High 132.56
Previous Monthly Low 126.54
Daily Fibonacci 38.2% 133.11
Daily Fibonacci 61.8% 132.94
Daily Pivot Point S1 132.61
Daily Pivot Point S2 132.29
Daily Pivot Point S3 131.91
Daily Pivot Point R1 133.32
Daily Pivot Point R2 133.7
Daily Pivot Point R3 134.02



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