GBP/JPY drops to the lowest since early-October 2019, below 50% Fibonacci retracement of its August-October 2019 upside. Highs marked during late-July, September 2019 offer immediate support. 200-day SMA holds the key to pullback moves towards November 2019 bottom. GBP/JPY registers 0.94% loss to 136.17 by the press time of Monday’s Asian session. The pair recently dropped to the lowest in five months after breaking 50% Fibonacci retracement support. However, highs marked during late-2019 seem to challenge the bears at the moment. Although bearish MACD still favor the pair’s further selling, a daily closing below the 135.67/76 region becomes necessary for the bears to aim for 61.8% Fibonacci retracement level of 134.77. During the pair’s further downside below 134.77, 133.30, 132.20 and October 2019 low near 130.40 can offer intermediate halts before highlighting 130.00 for the bears. Meanwhile, the buyers will wait for the pair’s daily closing beyond a 200-day SMA level of 137.70 to target November 2019 low near 139.30 to be followed by 140.00 round-figure. GBP/JPY daily chart Trend: Pullback expected 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/CHF slides to lowest since February 2018 on oil price war and coronavirus fears FX Street 3 years GBP/JPY drops to the lowest since early-October 2019, below 50% Fibonacci retracement of its August-October 2019 upside. Highs marked during late-July, September 2019 offer immediate support. 200-day SMA holds the key to pullback moves towards November 2019 bottom. GBP/JPY registers 0.94% loss to 136.17 by the press time of Monday’s Asian session. The pair recently dropped to the lowest in five months after breaking 50% Fibonacci retracement support. However, highs marked during late-2019 seem to challenge the bears at the moment. Although bearish MACD still favor the pair’s further selling, a daily closing below the 135.67/76 region becomes necessary for… 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.
