GBP/JPY Technical Analysis: Bulls await a sustained break through 3-week old descending trend-channel
• The cross built on Friday's goodish bounce from the 141.00 round figure mark and is currently placed at the top end of over three-week-old descending trend-channel.
• Technical indicators on 4-hourly/daily chart have again started gaining positive traction and support prospects for an extension of the ongoing bullish trajectory.
GBP/JPY 4-hourly chart
-636860780947606808.png)
• Moreover, the fact that the cross is holding comfortably above important intraday moving averages - 50, 100 & 200-hour SMAs, add credence to the constructive outlook.
• However, traders are likely to wait for a convincing breakthrough the channel hurdle before positioning for further up-move amid slightly overbought conditions on the 1-hourly chart.
1-hourly chart
-636860781313554846.png)
Technical levels to watch
GBP/JPY
Overview:
Today Last Price: 142.84
Today Daily change %: 0.36%
Today Daily Open: 142.33
Trends:
Daily SMA20: 142.66
Daily SMA50: 141.27
Daily SMA100: 143.74
Daily SMA200: 144.76
Levels:
Previous Daily High: 142.41
Previous Daily Low: 141.01
Previous Weekly High: 143.34
Previous Weekly Low: 141.01
Previous Monthly High: 144.85
Previous Monthly Low: 131.79
Daily Fibonacci 38.2%: 141.88
Daily Fibonacci 61.8%: 141.55
Daily Pivot Point S1: 141.43
Daily Pivot Point S2: 140.52
Daily Pivot Point S3: 140.03
Daily Pivot Point R1: 142.82
Daily Pivot Point R2: 143.32
Daily Pivot Point R3: 144.22