GBP/JPY Technical Analysis: Strong bullish momentum struggled to sustain above 200-hour SMA

Haresh Menghani FXStreet

• The cross has been oscillating between two converging trend-lines over the past 48-hours or so, forming a bullish falling wedge chart pattern on the 1-hourly chart.

• The latest bullish Brexit headlines provided the required momentum to finally assist the cross to break through the consolidative range and rally to fresh weekly tops.

• Bulls, however, struggled to extend the strong positive momentum beyond 200-hour SMA, with the cross quickly retreating around 60-pips from the 145.00 neighborhood.

• Technical indicators on the 1-hourly chart are already pointing to overbought conditions and turned out to be one of the key factors keeping a lid on any strong follow-through.

• Moreover, oscillators on 4-hourly/daily charts are yet to catch up with the positive momentum and suggest caution before initiating any aggressive near-term bullish bets.

GBP/JPY 1-hourly chart

GBP/JPY

Overview:
    Today Last Price: 145.37
    Today Daily change: 92 pips
    Today Daily change %: 0.637%
    Today Daily Open: 144.45
Trends:
    Previous Daily SMA20: 145.94
    Previous Daily SMA50: 146.97
    Previous Daily SMA100: 145.81
    Previous Daily SMA200: 147.12
Levels:
    Previous Daily High: 144.9
    Previous Daily Low: 144.04
    Previous Weekly High: 148.74
    Previous Weekly Low: 144.26
    Previous Monthly High: 149.52
    Previous Monthly Low: 142.78
    Previous Daily Fibonacci 38.2%: 144.57
    Previous Daily Fibonacci 61.8%: 144.37
    Previous Daily Pivot Point S1: 144.03
    Previous Daily Pivot Point S2: 143.61
    Previous Daily Pivot Point S3: 143.17
    Previous Daily Pivot Point R1: 144.88
    Previous Daily Pivot Point R2: 145.32
    Previous Daily Pivot Point R3: 145.74

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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