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  • GBP/JPY repeats the recent pattern of alternative losses with gains above 50% Fibonacci retracement.
  • November low acts as the immediate key upside barrier ahead of 100-day SMA.
  • September 2019 tops could please bears below the key Fibonacci support.

GBP/JPY registers mild gains of 0.15% while rising to 137.52 as the Tokyo session begins for Friday. In doing so, the pair takes another U-turn from 50% Fibonacci retracement of its August-December upside.

However, a 200-day SMA level around 137.70 acts as immediate resistance ahead of November 2019 low near 139.30.

Additionally, 38.2% Fibonacci retracement near 139.80, 140.00 round-figure and January month bottom close to 140.80 can keep the bulls checked before directing them towards a 100-day SMA level of 141.80.

Meanwhile, bearish MACD conditions continue to favor the sellers looking for entry below 50% Fibonacci retracement level of 137.30.

In doing so, September 2019 high near 135.75, as well as 61.8% Fibonacci retracement near 134.77, could entertain the bears.

GBP/JPY daily chart

Trend: Sideways to bearish