GBP/JPY Technical Analysis: Six-month-old rising trendline guards immediate upside


  • GBP/JPY clings to half-yearly resistance line while trading around the highest since May 13.
  • Buyers seem to catch a breath after a heavy rush to the north, an upside break could recall March-April lows.
  • 21-day EMA, 61.8% Fibonacci retracement act as immediate supports.

Having surged to the highest in nearly seven months, GBP/JPY seesaws around 142.70 during Asian session on Thursday.

The pair clings to a multi-month-old resistance line and requires a sustained break of 142.73/75 to take aim at lows marked in March and April months around 143.72/80.

However, a downside break below November month high close to141.85 can drag the pair back to 21-day Exponential Moving Average (EMA) level of 140.75 and 61.8% Fibonacci retracement of March-August downpour surrounding 140.35.

Given the sellers’ dominance past-140.35, 140.00 round-figure could offer an intermediate halt to the previous month low near 139.30.

GBP/JPY daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price 142.69
Today Daily Change 3 pips
Today Daily Change % 0.02
Today daily open 142.66
 
Trends
Daily SMA20 140.54
Daily SMA50 138.38
Daily SMA100 134.91
Daily SMA200 138.32
 
Levels
Previous Daily High 142.8
Previous Daily Low 140.83
Previous Weekly High 141.86
Previous Weekly Low 139.53
Previous Monthly High 141.86
Previous Monthly Low 139.32
Daily Fibonacci 38.2% 142.05
Daily Fibonacci 61.8% 141.58
Daily Pivot Point S1 141.4
Daily Pivot Point S2 140.13
Daily Pivot Point S3 139.43
Daily Pivot Point R1 143.37
Daily Pivot Point R2 144.07
Daily Pivot Point R3 145.34

 

 

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