Search ForexCrunch

   “¢   The cross came under some renewed selling pressure on Monday and dropped to the lower end of a near three-day-old trading range during the early European session.

   “¢   The range bounce price-action constituted to the formation of a rectangle, which given the recent up-move might be categorized as bullish continuation chart pattern.  

   “¢   Moreover, the fact that the cross remains above important intraday moving averages – 100 & 200-hour SMA, add credence to the near-term constructive outlook.

   “¢   Meanwhile, technical indicators on the 1-hourly chart have been gaining negative momentum but have still managed to hold in the bullish territory on 4-hourly/daily charts.

   “¢   Hence, it would now be interesting to see if the cross is able to defend the mentioned rectangle support or the current pull-back marks the end of the recent bullish move.

GBP/JPY 1-hourly chart


       Today Last Price:  147.71
       Today Daily change:  -46  pips
       Today Daily change %:  -0.31%
       Today Daily Open:  148.17
       Daily SMA20:  146.25
       Daily SMA50:  143.48
       Daily SMA100:  143.55
       Daily SMA200:  144.67
       Previous Daily High:  148.39
       Previous Daily Low:  147.43
       Previous Weekly High:  148.88
       Previous Weekly Low:  143.72
       Previous Monthly High:  148.28
       Previous Monthly Low:  141.01
       Daily Fibonacci 38.2%:  148.02
       Daily Fibonacci 61.8%:  147.8
       Daily Pivot Point S1:  147.6
       Daily Pivot Point S2:  147.04
       Daily Pivot Point S3:  146.64
       Daily Pivot Point R1:  148.56
       Daily Pivot Point R2:  148.96
       Daily Pivot Point R3:  149.52