GBP/JPY technical analysis: U-turn from 2-week old resistance-line highlights 200-HMA


  • A fortnight-long descending trend-line limits immediate upside.
  • Declining RSI from the overbought area favors the pullback to 200-HMA.

With a downward sloping trend-line since June 13 restricting the GBP/JPY pair’s upside, the quote drops to 136.75 during early Asian morning on Thursday.

Not only the pair’s U-turn from key resistance-line but declining levels of 14-bar relative strength index (RSI) from the overbought region also favors the pullback towards the important support level comprising 200-hour moving average (200-HMA) at 136.45.

If at all sellers refrain from respecting 200-HMA, a 9-day old ascending trend-line at 135.90 becomes crucial to watch as it holds the key for the pair’s slump to the month’s low near 135.37.

On the upside break above 136.88, 61.8% Fibonacci retracement of mid-month decline, at 137.20 seems a tough resistance.

Should prices rally past-137.20, June 13 top surrounding 137.80 and 138.33 can become buyers’ favorites.

GBP/JPY hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 136.73
Today Daily Change -3 pips
Today Daily Change % -0.02%
Today daily open 136.76
 
Trends
Daily SMA20 137.04
Daily SMA50 140.35
Daily SMA100 142.93
Daily SMA200 143.55
Levels
Previous Daily High 136.9
Previous Daily Low 135.88
Previous Weekly High 137.18
Previous Weekly Low 135.37
Previous Monthly High 146.52
Previous Monthly Low 136.63
Daily Fibonacci 38.2% 136.51
Daily Fibonacci 61.8% 136.27
Daily Pivot Point S1 136.13
Daily Pivot Point S2 135.49
Daily Pivot Point S3 135.11
Daily Pivot Point R1 137.15
Daily Pivot Point R2 137.53
Daily Pivot Point R3 138.17

 

 

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