NEWS :GBP/JPY technical analysis: Bulls fail to defend 200-hour SMA post-UK PMI, seems vulnerable

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GBP/JPY technical analysis: Bulls fail to defend 200-hour SMA post-UK PMI, seems vulnerable

  • The GBP/JPY cross extended the previous session’s pullback from near three-week tops and weakened farther for the second straight session on Tuesday.
  • The intraday bearish pressure remained unabated following the release of awful UK construction PMI, which added to Monday’s weaker manufacturing PMI.

Sustained weakness below a confluence support – comprising of 100-hour SMA and 38.2% Fibo. level of the 135.37-137.80 recent corrective bounce from multi-month lows, was seen as a key trigger for intraday bearish traders.

A subsequent slide below 200-hour SMA and 50% Fibo. level now seems to have paved the way for the resumption of the prior/well-established bearish trajectory amid heightened UK political and economic uncertainty.

Meanwhile, technical indicators on 4-hourly/daily charts maintained their bearish bias and add credence to the negative outlook, albeit slightly oversold conditions on the 1-hourly chart might help limit deeper losses.

A follow-through selling below 61.8% Fibo. level, around the 136.30-25 region, will reinforce the bearish bias and accelerate the slide towards testing sub-136.00 level en-route mid-135.00s and multi-month lows.

GBP/JPY 1-hourly chart



Today last price 136.5
Today Daily Change -0.56
Today Daily Change % -0.41
Today daily open 137.06
Daily SMA20 136.98
Daily SMA50 139.84
Daily SMA100 142.77
Daily SMA200 143.38
Previous Daily High 137.8
Previous Daily Low 136.74
Previous Weekly High 137.34
Previous Weekly Low 135.8
Previous Monthly High 138.33
Previous Monthly Low 135.37
Daily Fibonacci 38.2% 137.14
Daily Fibonacci 61.8% 137.39
Daily Pivot Point S1 136.6
Daily Pivot Point S2 136.14
Daily Pivot Point S3 135.54
Daily Pivot Point R1 137.66
Daily Pivot Point R2 138.26
Daily Pivot Point R3 138.72
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