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GBP/JPY technical analysis: Reverses an early dip to ascending trend-channel support

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GBP/JPY technical analysis: Reverses an early dip to ascending trend-channel support

  • Overbought conditions on 4-hourly/daily charts might cap any attempted positive move.
  • A sustained break below trend-channel support might negate any near-term bullish bias.

The GBP/JPY cross retreated further from multi-month tops set in the previous session and edged lower on the last trading day of the week, albeit has now managed to reverse an early dip to levels below mid-139.00s.
The intraday slide managed to find some support near the lower end of a short-term ascending trend-channel, extending since the beginning of this week, which should act as a key pivotal point for short-term traders.

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Meanwhile, technical indicators on daily/4-hourly charts are still pointing to overbought conditions and should hold investors from placing any fresh bullish bets ahead of Saturday’s special UK Parliament session on Brexit.

Hence, any subsequent move up seems more likely to confront some fresh supply near the 140.60 regions and eventually cap the cross near the 141.00 round-figure marks amid speculations that the Brexit deal will be rejected by UK MPs.

On the flip side, the trend-channel support, currently near the 139.45-40 region, might continue to protect the immediate downside, which if broken might negate any near-term bullish bias and prompt some fresh technical selling.

GBP/JPY

OVERVIEW
Today last price 139.92
Today Daily Change -0.15
Today Daily Change % -0.11
Today daily open 140.07
TRENDS
Daily SMA20 134.08
Daily SMA50 132.05
Daily SMA100 133.57
Daily SMA200 138.74
LEVELS
Previous Daily High 141.51
Previous Daily Low 138.59
Previous Weekly High 137.9
Previous Weekly Low 130.42
Previous Monthly High 135.75
Previous Monthly Low 126.67
Daily Fibonacci 38.2% 140.4
Daily Fibonacci 61.8% 139.71
Daily Pivot Point S1 138.6
Daily Pivot Point S2 137.14
Daily Pivot Point S3 135.68
Daily Pivot Point R1 141.52
Daily Pivot Point R2 142.98
Daily Pivot Point R3 144.44
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