“¢ The cross now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow band near the lower end of its daily trading range, or near three-month-lows. “¢ Slightly oversold conditions on hourly charts seemed to be the only factor that helped find some support near 50% Fibonacci retracement level of the 135.80-148.88 recent up-move. However, given the overnight break down below an important horizontal confluence support – comprising of 38.2% Fibonacci retracement level and 100-day SMA, bearish oscillators point to an extension of the near-term downward trajectory. A follow-through weakness below the mentioned 50% Fibo. support near the 142.35-30 region will reinforce the bearish outlook and turn the cross vulnerable to accelerate the slide towards testing the 142.00 round figure mark en-route 141.30 zone. On the flip side, any attempted recovery move might now confront some fresh supply around the 143.00-143.10 area and seems more likely to remain capped at the confluence support break-point now turned resistance, near the 143.70 region. GBP/JPY daily chart 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 Canada: Trade balance improved for a third straight month – RBC FX Street 3 years "¢ The cross now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow band near the lower end of its daily trading range, or near three-month-lows. "¢ Slightly oversold conditions on hourly charts seemed to be the only factor that helped find some support near 50% Fibonacci retracement level of the 135.80-148.88 recent up-move. However, given the overnight break down below an important horizontal confluence support - comprising of 38.2% Fibonacci retracement level and 100-day SMA, bearish oscillators point to an extension of the near-term downward trajectory. A follow-through weakness… 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.
