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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD tension remains elevated ahead of the Fed

EUR/USD is trading around 1.1050, confined to a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates by 25bps but signal no further stimulus is on the cards.

EUR/USD News

GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.

GBP/USD News

USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.

USD/JPY News

Gold: Pivots around $1500 mark, awaits FOMC policy update

Gold extended its sideways consolidative price action through the early European session on Wednesday and was seen pivoting around the key $1500 psychological mark, awaiting FOMC policy decision.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The Altcoin market has quickly confirmed Tuesday’s analysis with flashing rises in the last 24 hours. The two eternal aspirants to lead the crypto market – Ethereum and XRP – are rising sharply against Bitcoin and increasing its value rapidly.

Read more

Forex MAJORS

Cryptocurrencies

Signatures