GBP/JPY Technical Analysis: Again bounces off 144.60 key support on 4H chart

Anil Panchal FXStreet

GBP/JPY daily chart

GBP/JPY trades near 145.40 during early Tuesday.
The pair continues to be supported by the 200-day simple moving average (SMA) on daily chart around 144.70 with 100-day SMA level of 143.75 offering follow-on support to watch.
On the upside, a bit broader descending trend-line stretched since May 2018, at 149.30, becomes crucial for Bulls as it holds the gate for the quote’s rally to 150.00.

GBP/JPY 4-Hour chart

An upward sloping trend-line joining lows since February 19 and a descending resistance-line from March 14 together portray a short-term symmetrical triangle formation on the 4-hour chart between 144.60 and 147.30 area.
However, 145.90 and 146.60 could act as buffer stops.
Should the quote cross 147.30 resistance, it can rally to it mid-month high around 148.90 while 61.8% Fibonacci expansion (FE) of 149.90 can act as buffers prior to highlighting 150.00 mark.
On the downside break of 144.60, 143.80 and 50% Fibonacci retracement near 143.10 could entertain sellers with 61.8% Fibonacci level of 141.80 and 141.00 likely to be on their list afterward.

GBP/JPY hourly chart

The 144.60-50 area acts as immediate support contrast to 145.90 being nearby resistance.
Also, 146.10 can offer an intermediate halt between 145.90 and 146.60.

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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