GBP/JPY Technical Analysis: Bears eyeing a decisive breakthrough 3-week-old trading range
• The cross remained under some selling pressure for the fourth consecutive session and dropped to over one-month lows in the last hour.
• Bearish traders now eye a follow-through weakness below the lower end of a broader trading range, held over the past three weeks or so.
• Technical indicators on hourly/daily charts have been gaining negative momentum and support prospects for an eventual bearish breakdown.
• Moreover, the fact that the cross remains well below important intraday moving averages – 50, 100 & 200-hour SMA, further add credence to the bearish outlook.
GBP/JPY 4-hourly chart
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GBP/JPY
Overview:
Today Last Price: 144.02
Today Daily change: -65 pips
Today Daily change %: -0.449%
Today Daily Open: 144.67
Trends:
Previous Daily SMA20: 145.96
Previous Daily SMA50: 146.58
Previous Daily SMA100: 145.6
Previous Daily SMA200: 146.94
Levels:
Previous Daily High: 145.52
Previous Daily Low: 144.18
Previous Weekly High: 145.84
Previous Weekly Low: 144.52
Previous Monthly High: 149.5
Previous Monthly Low: 144.02
Previous Daily Fibonacci 38.2%: 144.69
Previous Daily Fibonacci 61.8%: 145.01
Previous Daily Pivot Point S1: 144.06
Previous Daily Pivot Point S2: 143.45
Previous Daily Pivot Point S3: 142.71
Previous Daily Pivot Point R1: 145.4
Previous Daily Pivot Point R2: 146.14
Previous Daily Pivot Point R3: 146.75