GBP/JPY technical analysis: Stage seems set for a move towards testing 100-DMA, beyond 135.00 handle


  • The recent Brexit optimism continues to underpin the British Pound.
  • Bulls remain in full control near multi-week tops, above mid-134.00s.

The GBP/JPY cross continued gaining positive traction for the fifth consecutive session on Friday - also marking its seventh day of strong positive move in the previous eight - and climbed to fresh multi-week tops in the last hour.
 
The overnight bounce from 50% Fibo. level of the 137.80-126.54 downfall and a subsequent close above the 133.00 handle was seen as a key trigger for bullish traders and prompted some strong follow-through buying on Friday.
 
This coupled with the fact that the cross has now broken through 61.8% Fibo. level resistance support prospects for an extension of the recent recovery move from multi-year lows amid receding fears of a no-deal Brexit on Oct. 31.
 
From current levels, the cross might now aim towards surpassing the key 135.00 psychological mark and test its next major hurdle near mid-135.00 (100-day SMA), though near-term overbought conditions might keep a lid on any runaway rally.
 
On the flip side, the 134.00 round figure mark now seems to protect the immediate downside, which if broken might trigger some profit-taking move and accelerate the slide further towards mid-133.00s (61.8% Fibo. level).

GBP/JPY daily chart

fxsoriginal

 

GBP/JPY

Overview
Today last price 134.46
Today Daily Change 1.16
Today Daily Change % 0.87
Today daily open 133.3
 
Trends
Daily SMA20 130.32
Daily SMA50 131.6
Daily SMA100 135.46
Daily SMA200 139.51
Levels
Previous Daily High 133.65
Previous Daily Low 132.17
Previous Weekly High 132.19
Previous Weekly Low 126.67
Previous Monthly High 132.56
Previous Monthly Low 126.54
Daily Fibonacci 38.2% 133.08
Daily Fibonacci 61.8% 132.73
Daily Pivot Point S1 132.43
Daily Pivot Point S2 131.56
Daily Pivot Point S3 130.95
Daily Pivot Point R1 133.91
Daily Pivot Point R2 134.52
Daily Pivot Point R3 135.39

 

 

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