GBP/JPY is flirting with key support at 134.00. A strong bounce from 134.00 is needed to revive the bullish setup. GBP/JPY’s pullback from Thursday’s high of 134.70 looks to have stalled near 134.00 – the neckline resistance of the double top pattern, which was breached to the higher side on Wednesday. The pullback to the former hurdle-turned-support has neutralized the immediate bullish setup put forward by Wednesday’s double bottom breakout. The bullish outlook would be revived if the neckline support fuels a move above 134.70. That would validate the falling wedge breakout, a bullish reversal pattern confirmed last week, and open the doors for 136.00. However, if sellers succeed in establishing a strong foothold below the neckline support of 134.00, a bigger decline toward 132.70 could be seen. At press time, the pair is trading largely unchanged on the day near 134.05. A bearish move below 134.00 cannot be ruled out, as the long upper wick attached to Thursday’s daily candle is suggestive of buyer exhaustion. 4-hour chart Trend: Neutral Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CNH slips from intraday top to sub-7.0700 area after China Caixin PMI FX Street 3 years GBP/JPY is flirting with key support at 134.00. A strong bounce from 134.00 is needed to revive the bullish setup. GBP/JPY's pullback from Thursday's high of 134.70 looks to have stalled near 134.00 - the neckline resistance of the double top pattern, which was breached to the higher side on Wednesday. The pullback to the former hurdle-turned-support has neutralized the immediate bullish setup put forward by Wednesday's double bottom breakout. The bullish outlook would be revived if the neckline support fuels a move above 134.70. That would validate the falling wedge breakout, a bullish reversal pattern confirmed last week, and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
