GBP/JPY Technical Analysis: Whipping roughly within near-term swing points

Brexit headlines continue to lead the Pound around by the nose, with broad-market GBP sentiment swinging back and forth according to the Brexit rumour mill.
The GBP/JPY saw plenty of whipping over the last twenty-four hours, peaking near 148.35 and seeing an intraday downspike into 146.32 before wrapping up exactly where it started, at 147.60.

Joshua Gibson FXStreet

GBP/JPY, 5-Minute chart

The near-term Guppy chart has the pair constrained by the 200-period moving average, but headline-driven action is keeping technical setups from becoming validated as rapid swings in sentiment, coupled with tightened market volumes, push the GBP/JPY around within recent swings.

GBP/JPY, 30-Minute chart

Looking back over the past three months, the GBP/JPY is once again trapped within a familiar consolidation zone, but technical bias could be leaning towards the downside as the ceiling remains firmly in place from just beneath the 150.00 major handle.

GBP/JPY, 4-Hour chart

GBP/JPY

Overview:
    Last Price: 147.52
    Daily change: -17 pips
    Daily change: -0.115%
    Daily Open: 147.69
Trends:
    Daily SMA20: 146.3
    Daily SMA50: 146.95
    Daily SMA100: 145.86
    Daily SMA200: 147.28
Levels:
    Daily High: 148.44
    Daily Low: 146.32
    Weekly High: 149.5
    Weekly Low: 146.86
    Monthly High: 149.52
    Monthly Low: 142.78
    Daily Fibonacci 38.2%: 147.63
    Daily Fibonacci 61.8%: 147.13
    Daily Pivot Point S1: 146.53
    Daily Pivot Point S2: 145.37
    Daily Pivot Point S3: 144.42
    Daily Pivot Point R1: 148.64
    Daily Pivot Point R2: 149.59
    Daily Pivot Point R3: 150.75

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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