GBP/JPY Technical Analysis: Signs of indecision, today's close pivotal

Omkar Godbole FXStreet Contributor

The GBP/JPY market is looking indecisive and the next major move depends on where the pair closes today.

Daily chart

As seen above, the cross witnessed two-way business yesterday before ending largely on the day at 142.63. Essentially, the pair charted a doji candle, which is considered a sign of indecision in the market place.

A close today above 142.63 (high of the doji candle) would confirm an end of the pullback from the recent high of 144.84 and could yield a re-test of that level.

A close below 141.13 (low of the doji candle) would imply a continuation of the sell-off from the recent high of 144.84 and would open the doors to 140.00.

The lower shadow of the doji is bigger than the upper shadow, meaning the bulls were relatively stronger. Therefore, the pair is more likely to see a bullish close above 142.63.

Trend: Neutral

GBP/JPY

Overview:
    Today Last Price: 142.06
    Today Daily change: -19 pips
    Today Daily change %: -0.13%
    Today Daily Open: 142.25
Trends:
    Daily SMA20: 142.13
    Daily SMA50: 141.5
    Daily SMA100: 144.1
    Daily SMA200: 144.94
Levels:
    Previous Daily High: 142.63
    Previous Daily Low: 141.12
    Previous Weekly High: 144.73
    Previous Weekly Low: 142.08
    Previous Monthly High: 144.85
    Previous Monthly Low: 131.79
    Daily Fibonacci 38.2%: 142.05
    Daily Fibonacci 61.8%: 141.7
    Daily Pivot Point S1: 141.37
    Daily Pivot Point S2: 140.49
    Daily Pivot Point S3: 139.86
    Daily Pivot Point R1: 142.88
    Daily Pivot Point R2: 143.51
    Daily Pivot Point R3: 144.4

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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