Home GBP/JPY Technical Analysis: 200-hour EMA, 38.2% Fibonacci limit immediate declines
FXStreet News

GBP/JPY Technical Analysis: 200-hour EMA, 38.2% Fibonacci limit immediate declines

  • GBP/JPY takes rest on the key support confluence after recent declines.
  • Buyers look for entry beyond 23.6% Fibonacci retracement, sellers can aim for 140 during further south-run.

GBP/JPY sellers catch a breath around 141.00 amid Tuesday’s Asian session. The pair dropped the previous day but is taking rest on the support area including 200-hour Exponential Moving Average (EMA), 38.2% Fibonacci retracement of the last week’s run-up while also comprising highs marked on November 21 and 26.

Although 12-bar Moving Average Convergence and Divergence (MACD) flashes bearish signals, the strength of the support indicates the pair’s recovery. In doing so, 23.6% Fibonacci retracement level of 141.26 can act as immediate resistance ahead of the previous-month high near 141.90 and 142.00 round-figure.

During the quote’s further north-run beyond 142.00, lows marked during March and April month around 143.72/78 could lure the bulls.

On the contrary, pair’s declines below 140.86 support could trigger a slump to 140.00 mar. However, intermediate halts around 50% and 61.8% Fibonacci retracements, at 140.60 and 140.30 respectively, can’t be ruled out.

GBP/JPY hourly 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.