Home GBP/JPY technical analysis: Bear reversal confirmed, 23.6% Fib support stands exposed
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GBP/JPY technical analysis: Bear reversal confirmed, 23.6% Fib support stands exposed

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  • GBP/JPY is looking south, according to the candlestick arrangement on the daily chart.  
  • The pair could test a key Fibonacci retracement of 133.61 in Europe/US session.  

GBP/JPY is currently sidelined near 134.30.  

The pair created a Doji candle on Thursday, signaling indecision or bullish exhaustion after a rally from 126.67 to levels above 135.50. More importantly, on Friday, the pair closed below the Doji’s low of 134.27, confirming a bullish-to-bearish trend change.  

The reversal looks strong as the pair fell 0.89% on Friday, engulfing the price action seen in the preceding two days.  

Hence, support at 133.61 (23.6% Fib R of 126.67/135.75) could be put to test in the European/American session.  

A close above Friday’s high of 135.75 is needed to revive the bullish view.  

Daily chart

Trend: Bearish

Pivot points

 

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