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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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